MarineMax, the world’s largest recreational boat and yacht retailer, completed $1.35 billion in aggregate financing commitments.

MarineMax completed the $1.35 billion senior secured credit facilities which is comprised of the following:

• $750 million floor plan line of credit (the “Floor Plan”) for financing inventory, which replaces an existing $500 million floor plan facility
• $400 million delayed draw term loan (the “Term Loan”) for financing the IGY Marinas (“IGY”) acquisition previously announced
• $100 million revolving credit facility (the “Revolver”); and
• $100 million delayed draw mortgage facility (the “Mortgage Facility”)

Proceeds from the Credit Facilities will be used to finance the acquisition of IGY, fund the purchase of eligible new and used marine product inventory, provide additional financial capacity to support future growth, as well as for general business purposes. The combined facilities have a five-year term, maturing August 2027. Anticipated leverage upon the closing of the IGY acquisition, net of cash, is expected to approximate 1x EBITDA on a proforma trailing twelve-months basis.

“This financing bolsters the strength of our balance sheet and will enable us to maintain a conservative leverage ratio when the IGY acquisition is closed. With these new facilities and the organic liquidity that our cash flow from operations provides, MarineMax has further fortified our balance sheet and greatly enhances our financial flexibility. The over-subscription of these facilities demonstrates a significant vote of confidence, as the market recognizes our sustained strong financial performance, disciplined use of capital, and growth trajectory,” said Michael H. McLamb, Executive Vice President, Chief Financial Officer and Secretary of MarineMax, Inc. “We appreciate the ongoing support expressed by the commitment of our lenders to MarineMax.”

The financings were led by M&T Bank as Administrative Agent and Joint-Lead Arranger, along with Wells Fargo Commercial Distribution Finance as Joint-Lead Arranger and Floor Plan Agent. Substantially all of the lenders under the Credit Facilities have various other relationships with MarineMax and its subsidiaries. Services provided by the lenders may include but are not limited to financial services such as cash management, loans, letters of credit and bank guarantee facilities, investment banking and trust services, and some may serve as a source of retail financing for MarineMax’s customers. In addition, some of the lenders under the Credit Facilities were also lenders under the aforementioned facilities that were replaced.