MarineMax announced that it has completed the refinancing of its $1.49 billion aggregate senior secured credit facilities.
The refinancing reduces borrowing costs, improves terms, expands the company’s revolving credit facility, and extends its debt maturity profile to June 2031.
MarineMax is the world’s largest recreational boat and yacht retailer, marina operator, and superyacht services company.
The new credit facilities include a $950 million floor plan line of credit, replacing a similar facility.
They also include a $302.5 million term loan, replacing the prior facility.
MarineMax also replaced its previous $100 million revolving credit facility with a $150 million revolving credit facility.
The new facilities include an $85 million delayed draw mortgage facility, of which $35 million is outstanding, replacing the prior $100 million facility.
The credit facilities mature in June 2031, extending MarineMax’s debt maturity profile by five years.
The financings were led by M&T Bank as administrative agent and joint lead arranger.
Wells Fargo Commercial Distribution Finance also served as joint lead arranger and floor plan agent.
MarineMax said it maintains longstanding relationships with many of the lenders participating in the current and prior credit facilities.
The company’s banking partners support its business through global cash management, treasury, retail financing, and investment banking services.
MarineMax has more than 120 locations worldwide, including more than 70 dealerships and 65 marina and storage facilities.
The company’s integrated business includes IGY Marinas, Fraser Yachts Group, Northrop & Johnson, Cruisers Yachts, Intrepid Powerboats, MarineMax Vacations, Boatyard, and Boatzon.
KEY QUOTE:
“This refinancing strengthens our financial position by lowering our borrowing costs, extending our maturity and providing additional liquidity to support the continued execution of our long-term strategy. Successfully completing this transaction on improved terms in today’s marine industry environment underscores the strength of our lender relationships and reflects the confidence they have in our operating performance, disciplined capital allocation, healthy balance sheet and management team. We appreciate and value the ongoing support and partnership of our lending group.”
Michael H. McLamb, Executive Vice President, Chief Financial Officer and Secretary of MarineMax
