MarineMax has expanded its financing facility for borrowings up to US$350m. It previously had a limit of US$300m.
The company said in a statement that it has seen more than 20%-plus same-store sales growth for more than two years. “Trends in the industry remain healthy,” says Michael McLamb, chief financial officer, in a statement. “With our outlook, it is advantageous to increase our borrowing capacity in anticipation of future growth. This enhanced and increased facility provides us with greater financial flexibility that should allow us to further capitalise on potential acquisitions and other growth opportunities as they emerge.”
The agent of the facility is Wells Fargo Commercial Distribution Finance and includes M&T Bank, Bank of the West and BB&T. The expanded facility has a three-year term, expiring in October 2020 and has two, one-year options to renew, subject to lender approval.