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 1, 2011 |
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) |
Registrants 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.
On June 1, 2011, MarineMax, Inc. and its subsidiaries (collectively, the "Company") entered into an amendment to our Inventory Financing Agreement (the "Credit Facility"), originally entered into on June 24, 2010 with GE Commercial Distribution Finance Company ("GECDF"), as amended on December 17, 2010.
The amendment, among other things, modifies the amount of borrowing availability, interest rate, and maturity date of the Credit Facility. The amended Credit Facility provides a floor plan financing commitment of $150 million, up from the previous $100 million. The interest rate for amounts outstanding under the amended Credit Facility is 383 basis points above the one-month London Inter-Bank Offering Rate. There is an unused line fee of ten basis points on the unused portion of the amended Credit Facility. The amended Credit Facility matures in June 2014, subject to extension for two one-year periods, with the approval of GECDF.
Borrowings under the amended Credit Facility will be secured primarily by the Company’s inventory that is financed through the amended Credit Facility and related accounts receivable. The Company’s real estate is not pledged.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item 8.01 Other Events.
On June 2, 2011, the Company issued a press release announcing the amendment to the Credit Facility. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated into this Item 8.01 by reference.
Item 9.01 Financial Statements and Exhibits.
Press release of MarineMax, Inc. dated June 2, 2011, entitled "MarineMax Increases Finance Capacity."
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 3, 2011 | By: |
/s/ Kurt M. Frahn
|
||
|
||||
Name: Kurt M. Frahn | ||||
Title: Vice President of Finance and Treasurer |
Exhibit Index
Exhibit No. | Description | |
|
|
|
99.1
|
Press release of MarineMax, Inc. dated June 2, 2011, entitled “MarineMax Increases Finance Capacity.” |
CONTACT: | Michael H. McLamb Chief Financial Officer MarineMax, Inc. 727/531-1700 |
Brad Cohen ICR, Inc. 203/682-8211 bcohen@icrinc.com |
MARINEMAX INCREASES FINANCING CAPACITY
~Increases Facility To $150 Million and Extends Term~
CLEARWATER, FL June 2, 2011 MarineMax, Inc. (NYSE:HZO), the nations largest recreational boat retailer, announced today that it has increased its existing financing facility with GE Capital, from $100 million to $150 million.
The increased facility provides for up to $150 million of floor plan financing. The facility has a three- year term, now expiring in June 2014, and it has two, one-year options to renew, subject to lender approval. Borrowings under the facility will be secured primarily by the Companys inventory that is financed through the facility and related accounts receivable. The Companys real estate is not pledged. The Company must maintain compliance with various covenants, including the balance sheet related covenants of a current ratio and a leverage ratio, as defined in the facility. No significant other 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, We are pleased to be able to strengthen our financial flexibility by adding the additional borrowing capacity. Based on our two most recent quarters, we have seen an increase in new boat sales and this expansion of our credit facility better positions us for growth as the industry recovers. The increase also further strengthens our ability to capitalize on other growth opportunities that may arise.
About MarineMax
Headquartered in Clearwater, Florida, MarineMax is the nations largest recreational boat and yacht
retailer. Focused on premium brands, such as Sea Ray, Boston Whaler, Meridian, Cabo, Bayliner,
Hatteras, Azimut Yachts, Malibu, Nautique and GradyWhite, MarineMax sells new and used
recreational boats and related marine products and provides yacht brokerage services. MarineMax
currently has 57 retail locations and operates within Alabama, Arizona, California, Colorado,
Connecticut, Florida, Georgia, Kansas, Maryland, Minnesota, Missouri, New Jersey, New York, North
Carolina, Ohio, Oklahoma, Rhode Island, Tennessee and Texas. MarineMax is a New York Stock
Exchange-listed company.
~ more ~
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 Companys assessment of industry condition and
the Companys assessment of its ability to receive and capitalize on growth opportunities. 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 Companys beliefs that the additional borrowing capacity under the facility will
strengthen the Companys financial flexibility, position the Company for growth once the economy
recovers, and strengthen the Companys ability to capitalize on other growth opportunities as they
arise as well as the Companys view of increasing boat sales and improvements in the economy and
numerous other factors identified in the Companys Form 10-K and other filings with the Securities
and Exchange Commission.
###
(*_"-;%SX,H\(<
M!8+B[+/O^"=FC:QJN@R6?FI;+-8:YX,T;6=%U2&./4;&[;4[:2YN=*U6^TZ;\\/
MV:OC]XDM/AE_P5M^$_A3POX)\`3^$/'WQ7T"+XI>#;'7['XK:V/BU^U=\2O!
M&JZSKFO:CXDU70VUWPSHGBO4/^$+O])\,Z0FC7=MIDUU;ZE'8I"Q17GY#.>)
MAE5#$3G7HSPW`6&G1K2=6E/#4\VQ