MarineMax refinances $1.49bn in credit facilities
MarineMax owns superyacht brands Fraser Yachts and Northrop & Johnson.
MarineMax has completed the refinancing of its $1.49bn senior secured credit facilities, cutting borrowing costs and pushing its debt maturity out by five years to June 2031.
The new facilities consist of a $950m floor plan line of credit, a $302.5m term loan, a $150m revolving credit facility, expanded from the previous $100m, and an $85m delayed draw mortgage facility. The expanded revolver gives the company additional liquidity headroom.
“This refinancing strengthens our financial position by lowering our borrowing costs, extending our maturity and providing additional liquidity to support the continued execution of our long-term strategy,” said Michael H. McLamb, CFO of MarineMax.
“Successfully completing this transaction on improved terms in today’s marine industry environment underscores the strength of our lender relationships and reflects the confidence they have in our operating performance, disciplined capital allocation, healthy balance sheet and management team.”
M&T Bank acted as administrative agent and joint lead arranger, alongside Wells Fargo Commercial Distribution Finance as joint lead arranger and floor plan agent.
MarineMax is one of the world’s largest recreational boat and yacht retailer, marina operator and superyacht services company, with more than 120 locations worldwide.
Its portfolio includes IGY Marinas, superyacht brokerage firms Fraser Yachts Group and Northrop & Johnson, and boat manufacturers Cruisers Yachts and Intrepid Powerboats.
OrganisationsFraser Yachts MarineMax Northrop and Johnson
PeopleMichael H. McLamb
