MarineMax gets $30M of credit

Clearwater-based boat retailer MarineMax Inc. (symbol: HZO) acquired a $30 million financing facility to help pay for its inventory of Azimut products. The other party involved in the agreement is CGI Finance, which had been helping MarineMax with retail financing prior to this latest move.

The facility has a one-year term, a release said, and interest will accrue at a rate of LIBOR plus 3.5%.

“The terms of the facility serve our needs and allow us to operate our business with the flexibility required in this environment,” explained MarineMax Chief Financial Officer Michael McLamb.

MarineMax currently operates 56 retail locations.