MarineMax announced that it expanded its floorplan facility from $750 million to $950 million. The company said the funds will be used to finance the purchase of new and used inventory.
“The expansion of our floorplan facility, as provided by the accordion feature of our credit facilities, underscores the success of our growth strategy and the strength of our balance sheet,” Michael H. McLamb, executive vice president, chief financial officer and secretary, said in a statement. “This increase is consistent with our historical practice of augmenting floorplan capacity as needed for growth.”
The floorplan financing increases MarineMax’s credit facilities from $1.35 billion to $1.55 billion. The transaction was facilitated by M&T Bank and Wells Fargo Commercial Distribution Finance.
