MarineMax Extends Financing Facility With GE Capital
MarineMax announced that it has extended its existing financing facility with GE Capital, Commercial Distribution Finance (CDF).
The facility provides for up to $150 million of floorplan financing. The facility has a three-year term, expiring in June 2015, and it has 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 and related accounts receivable. The company’s real estate is not pledged. No significant changes were made to the existing facility. The facility contemplates that other lenders may be added by the company to finance other inventory not financed under this facility, if needed.
Michael H. McLamb, executive vice president, chief financial officer and secretary of MarineMax stated, “Our over 14 year relationship with the GE Capital team continues to remain very strong and provides the stability in a lending partner that allows us not only to meet today’s financing requirements, but also our growth plans for the future.”
Bruce Van Wagoner, president of CDF’s Marine Group, stated, “We have enjoyed our long relationship with MarineMax. We are glad we remain their inventory finance lender and believe this program will help them to achieve their growth goals and objectives.”
Previously on abfjournal.com: