MarineMax said it extended the terms of its CGI Finance credit facility, which provides for as much as $30 million of floorplan financing in addition to the $150 million inventory financing facility the company secured earlier this year with GE.
The facility is slated to provide financing for MarineMax's Azimut inventory needs. The facility includes renewal options, subject to CGI's approval, and each advance under the facility can remain outstanding for 18 months.
MarineMax's new and used Azimut inventory that is financed by the facility is pledged as collateral. The company must maintain compliance with covenants that include balance sheet-related covenants of current and leverage ratios, as defined in the facility.
"We are pleased to be able to continue our relationship with CGI through this inventory financing facility for our Azimut products," Michael H. McLamb, executive vice president, chief financial officer and secretary of MarineMax, said in a company statement. "The terms of the facility provided by CGI match well with our needs and allow us to operate our business with the flexibility necessary in this environment."
Herve Bonnet, global head of boat financing activity for CGI Group, said, "CGI Finance is committed to providing sound and diverse financial solutions to manage the changing landscape of the global economy, in particular the marine finance industry."
