MarineMax, the nation’s largest recreational boat and yacht retailer, increased the amount, and extended the term, of its credit facility. The facility now provides MarineMax with $500 million of borrowing capacity, further increasing the Company’s liquidity and financial flexibility for future growth. The agent of the facility is Wells Fargo Commercial Distribution Finance and includes the following lending partners: M&T Bank, Bank of the West and Truist Bank.

The enhanced credit facility has a three-year term expiring in July 2024, and two one-year options to renew, subject to lender approval. Borrowings under the facility are secured primarily by the Company’s inventory that is financed through the facility. Under the amendment, certain provisions of the credit facility were modified, providing additional liquidity to the Company. The Company’s sizeable real estate portfolio is not pledged under the facility.

At June 30, 2021, the Company had financial capacity of over $329 million, consisting of cash and cash equivalents, along with available borrowings under its credit facilities.

Michael H. McLamb, Executive Vice President, Chief Financial Officer and Secretary of MarineMax, Inc. stated, "Through both organic and acquisition related growth, we have significantly increased the size of MarineMax. This amendment and extension of the term of our credit facility is an important step as we look ahead and plan for the future. The lenders in our facility have been long-term partners to MarineMax and we appreciate their confidence in our strategies and management. Product demand continues to be strong, which is a testimony to the strength of the boating lifestyle."