MarineMax obtains credit

MarineMax Inc. can access $100 million in financing through a new credit facility established with GE Capital, according to a release.

The new arrangement replaces MarineMax's old credit facility by reducing the interest rate, and replacing the company's real estate as a pledged asset with MarineMax's inventory.

The size of the facility may increase to $150 million with lender approval, and has a three-year term with two one-year options to renew, also subject to lender approval.

“We are pleased to replace our previous financing facility under favorable terms,” said MarineMax chief financial officer Michael McLamb in a release. “Removing the real estate as a pledged asset further provides flexibility to the company in the future, if needed.”

McLamb also noted that the new facility represents the Clearwater-based company's only debt.

MarineMax (symbol: HZO) is the largest recreational boat and yacht retailer in the United States.