MarineMax adds new floorplan financing

Published online: Sep 29, 2011 News Trade Only Today
Viewed 179 time(s)

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."

You May Also Be Interested In...

March 19, 2015

Carefree Boat Club adds location in Georgia

Carefree Boat Club has just opened a brand new location, adding to its ever-growing lineup.
March 17, 2015

World's fastest pontoon boat gets even faster

When you think of fast boats, a pontoon is probably pretty low on your list, just ahead of houseboats and tugboats. Brad Rowland begs to differ.
March 05, 2015

West Marine begins "Do It Yourselfie!" promotion

Show off your selfie fixing up your boat and West Marine could lend you a hand.
March 04, 2015

Pontoon Brands United

Premier Marine announced today the company will transfer the production of its Weeres and Palm Beach brands to its headquarters in Wyoming, Minn.
March 02, 2015

West Marine's New Product Review Day set for March 20

West Marine has announced the date for this year's iteration of their New Product Review Day.
February 19, 2015

Honda Marine and Coach Pontoons Are Now Partners

The PDB team has exciting news! While we were at the 2015 Miami International Boat Show, Honda Marine announced their new exclusive OEM agreement with Coach Pontoons!
Follow us on Facebook!  Follow us on Instagram!  Follow us on Twitter!  Follow us on YouTube!