MarineMax Extends Financing Facility with CGI Finance
CLEARWATER, Fla.--(BUSINESS WIRE)-- MarineMax, Inc. (NYSE:HZO), the nations largest recreational boat retailer, announced today that it has extended the terms of its CGI Finance (CGI) credit facility.
The credit facility provides for up to $30 million of floor plan financing, in addition to the $150 million inventory financing facility the Company has with GE. The CGI facility is designed to provide financing for MarineMaxs Azimut inventory needs. The facility includes renewal options, subject to CGIs approval, and each advance under the facility can remain outstanding for 18 months.
The Companys new and used Azimut inventory that is financed by the facility is pledged as collateral. The Company must maintain compliance with various covenants, including balance sheet related covenants of current and leverage ratios, as defined in the facility. The facility contemplates that other lenders may be added by the Company to finance inventory not financed under this facility, if needed.
Michael H. McLamb, Executive Vice President, Chief Financial Officer and Secretary of MarineMax (HZO) stated, Our relationship with CGI has gained strength over the last few years. We are pleased to have CGI as both a retail lender for our customers and a floor plan partner for our inventory.
Herve Bonnet, Global Head of Boat Financing Activity for CGI Group stated, As a company that continues its long-standing commitment to provide sound and diverse marine financial solutions, CGI Finance is proud to maintain this important partnership with MarineMax, a strong leader in our industry.
Headquartered in Clearwater, Florida, MarineMax is the nations largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Cabo, Hatteras, Azimut Yachts, Grady-White, Bayliner, Harris FloteBote, Nautique and Malibu, MarineMax sells new and used recreational boats and related marine products and provides yacht brokerage and charter services. MarineMax currently has 53 retail locations in Alabama, Arizona, California, Connecticut, Florida, Georgia, Kansas, Maryland, Minnesota, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Rhode Island, Tennessee, and Texas and operates MarineMax Vacations in Tortola, British Virgin Islands. MarineMax is a New York Stock Exchange-listed company.
About CGI Finance
CGI Finance is the North American Subsidiary of the CGI Group, a financial establishment founded in 1951, and is a wholly-owned subsidiary of Société Générale. Société Générale is a leading worldwide bank with 157,000 employees. The North American headquarters is located at 1407 Fleet Street, 2nd Floor Baltimore Maryland 21231 USA. www.cgi-finance.com.
Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Companys assessment that its relationship with CGI has gained strength. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this release. These risks include the ability of the Companys to achieve its goals and strategies, general economic conditions and the level of consumer spending, the Companys ability to integrate acquisitions into existing operations and numerous other factors identified in the Companys Form 10-K and other filings with the Securities and Exchange Commission.
Chief Financial Officer
Michael H. McLamb, 727-531-1700
Source: MarineMax, Inc.Copyright Business Wire 2012