CLEARWATER, Fla.–(BUSINESS WIRE)–MarineMax, Inc. (NYSE: HZO), the world’s largest leisure boat and yacht retailer, at the moment introduced the completion of $1.35 billion in mixture financing commitments.

MarineMax accomplished the $1.35 billion senior secured credit score amenities (the “Credit score Services”) which is comprised of the next:

• $750 million ground plan line of credit score (the “Ground Plan”) for financing stock, which replaces an present $500 million ground plan facility
• $400 million delayed draw time period mortgage (the “Time period Mortgage”) for financing the IGY Marinas (“IGY”) acquisition beforehand introduced
• $100 million revolving credit score facility (the “Revolver”); and
• $100 million delayed draw mortgage facility (the “Mortgage Facility”)

Proceeds from the Credit score Services shall be used to finance the acquisition of IGY, fund the acquisition of eligible new and used marine product stock, present extra monetary capability to assist future development, in addition to for common enterprise functions. The mixed amenities have a five-year time period, maturing August 2027. Anticipated leverage upon the closing of the IGY acquisition, web of money, is predicted to approximate 1x EBITDA on a proforma trailing twelve-months foundation.

“This financing bolsters the energy of our steadiness sheet and can allow us to keep up a conservative leverage ratio when the IGY acquisition is closed. With these new amenities and the natural liquidity that our money circulation from operations offers, MarineMax has additional fortified our steadiness sheet and vastly enhances our monetary flexibility. The over-subscription of those amenities demonstrates a major vote of confidence, because the market acknowledges our sustained sturdy monetary efficiency, disciplined use of capital, and development trajectory,” mentioned Michael H. McLamb, Government Vice President, Chief Monetary Officer and Secretary of MarineMax, Inc. “We respect the continuing assist expressed by the dedication of our lenders to MarineMax.”

The financings have been led by M&T Financial institution as Administrative Agent and Joint-Lead Arranger, together with Wells Fargo Business Distribution Finance as Joint-Lead Arranger and Ground Plan Agent. Considerably all the lenders underneath the Credit score Services have numerous different relationships with MarineMax and its subsidiaries. Companies supplied by the lenders could embody however will not be restricted to monetary companies comparable to money administration, loans, letters of credit score and financial institution assure amenities, funding banking and belief companies, and a few could function a supply of retail financing for MarineMax’s clients. As well as, among the lenders underneath the Credit score Services have been additionally lenders underneath the aforementioned amenities that have been changed.

About MarineMax

MarineMax is the world’s largest leisure boat and yacht retailer, promoting new and used leisure boats, yachts and associated marine services, in addition to offering yacht brokerage and constitution companies. MarineMax has over 100 areas worldwide, together with 79 retail dealership areas, which incorporates 34 marinas or storage operations. By means of Fraser Yachts and Northrop and Johnson, the Firm is also the biggest superyacht companies supplier, working areas throughout the globe. Cruisers Yachts, a MarineMax firm, manufactures boats and yachts with gross sales by our choose retail dealership areas and thru impartial sellers. Intrepid Powerboats, a MarineMax firm, manufactures powerboats and sells by a direct-to-consumer mannequin. MarineMax offers finance and insurance coverage companies by wholly owned subsidiaries and operates MarineMax Holidays in Tortola, British Virgin Islands. The Firm additionally operates Boatyard, a pioneering digital platform that enhances the boating expertise. MarineMax is a New York Inventory Change-listed firm (NYSE: HZO). For extra info, please go to www.marinemax.com.

Ahead Wanting Assertion

Sure statements on this press launch are forward-looking as outlined within the Personal Securities Litigation Reform Act of 1995. Such forward-looking statements embody the expectation that the financing will allow us to keep up a conservative leverage ratio after the anticipated IGY acquisition is closed and that our monetary flexibility has been vastly enhanced. These statements are primarily based on present expectations, forecasts, dangers, uncertainties, and assumptions which will trigger precise outcomes to vary materially from expectations as of the date of this launch. These dangers, assumptions and uncertainties embody the Firm’s talents to cut back stock, handle bills and attain its targets and methods, the standard of the brand new product choices from the Firm’s manufacturing companions, the impacts (direct and oblique) of COVID-19 on the Firm’s enterprise, the Firm’s staff, the Firm’s manufacturing companions, and the general economic system, common financial situations, in addition to these inside our trade, the extent of shopper spending, the Firm’s potential to combine acquisitions into present operations, and quite a few different components recognized within the Firm’s Type 10-Ok for the fiscal yr ended September 30, 2021 and different filings with the Securities and Change Fee. The Firm disclaims any intention or obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case.