8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): June 22, 2006

MarineMax, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

Delaware	1-14173	59-3496957
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
18167 U.S. Highway 19 North, Suite 300, Clearwater, Florida		33764
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 727-531-1700

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

Effective June 19, 2006, MarineMax, Inc., a Delaware corporation (the "Company") entered into a Second Amended and Restated Credit and Security Agreement, among the Company and its subsidiaries, as Borrowers, and Bank of America, N.A., KeyBank, N.A., General Electric Commercial Distribution Finance Corporation, Wachovia Bank, N.A., Wells Fargo Bank, N.A., National City Bank, N.A., U.S. Bank, N.A., and Branch Banking and Trust Company, as Lenders.

The credit facility amends and replaces our previous credit facility with the same financial institutions and adds four new Lenders. The credit facility provides us a line of credit with asset-based borrowing availability of up to $500 million for working capital and inventory financing, with the amount of permissible borrowings determined pursuant to a borrowing base formula. The credit facility also permits approved-vendor floorplan borrowings of up to $20 million. The credit facility accrues interest at the London Interbank Offered Rate (LIBOR) plus 150 to 260 basis points, with the interest rate based upon the ratio of our net outstanding borrowings to our tangible net worth. The credit facility is secured by our inventory, accounts receivable, equipment, furniture, and fixtures. The credit facility requires us to satisfy certain covenants, including maintaining a leverage ratio tied to our tangible net worth. The credit facility matures in May 2011, with two one-year renewal options.

On June 20, 2006, we issued a press release announcing our entry into a Second Amended and Restated Credit and Security Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference in this Item 1.01.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release of MarineMax, Inc. dated June 20, 2006, titled "MarineMax Increases and Extends Credit Facility"

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MarineMax, Inc.
June 22, 2006	By:	Michael H. McLamb
		Name: Michael H. McLamb
		Title: Executive Vice President, Chief Financial Officer, and Secretary

Exhibit Index

Exhibit No.	Description
99.1	Press Release of MarineMax, Inc. dated June 20, 2006, titled "MarineMax Increases and Extends Credit Facility"

EX-99.1

Exhibit 99.1

CONTACT: Michael H. McLamb
Chief Financial Officer
MarineMax, Inc.
727/531-1700 Brad Cohen — Investor Relations
Integrated Corporate Relations, Inc.
203/682-8211

Susan Hartzell – Media Contact
Integrated Corporate Relations, Inc.
203/682-8238

MARINEMAX INCREASES AND EXTENDS CREDIT FACILITY
- Credit Line Expands to $500 Million -

CLEARWATER, FL, June 20, 2006 — MarineMax, Inc. (NYSE: HZO), the nation’s largest recreational boat retailer, today announced the expansion and extension of its credit facility. The new facility allows for borrowings of up to $500 million.

The asset based credit facility has a five-year term with two additional one-year renewal options. It replaces and increases its previous $385 million credit facility, which had a three-year term. The lending group consists of Bank of America, N.A., KeyBank, N.A., General Electric Commercial Distribution Finance Corporation, Wachovia Bank, N.A., Wells Fargo Bank, N.A., National City Bank, N.A., U.S. Bank, N.A., and Branch Banking and Trust Company. The terms and conditions of the facility are similar to the Company’s previous facility.

Michael H. McLamb, Executive Vice President and Chief Financial Officer, stated, “The growth of MarineMax and the strength of our balance sheet enabled us to obtain this $500 million credit facility. The expansion of the amount and the extension of the term of our credit facility is a natural progression in our strategy to support additional growth, thereby enabling us to focus on our core business while capturing new opportunities as they arise. With this facility, we also expanded our lending group from four institutions to eight, allowing for further future expansion. We appreciate the strong relationship we have with all our lenders.”

About MarineMax

Headquartered in Clearwater, Florida, MarineMax is the nation’s largest recreational boat and yacht retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Hatteras, Grady White, and the Ferretti Group including: Ferretti Yachts, Pershing, Riva, Mochi Craft, Apreamare and Bertram, the Company sells new and used recreational boats and related marine products and provides yacht brokerage services. The Company currently operates 85 retail locations in Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas and Utah. MarineMax is a New York Stock Exchange-listed company.

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 need for further expansion of the credit facility and the ability of the company to obtain such financing. 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 to accomplish goals and strategies, the availability of new opportunities, general economic conditions and the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K and other filings with the Securities Exchange Commission .

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