MarineMax expands borrowing power
November 11, 2019 - MarineMax expanded its financing facility to borrow up to $440 million from the previous limit of $400 million. The additional borrowing capacity reflects recent acquisitions and looks toward the future, Michael McLamb, chief financial officer, said in a news release. Wells Fargo Commercial Distribution Finance is agent for the financing facility, which includes M&T Bank, Bank of the West and BB&T. MarineMax (NYSE: HZO), a Clearwater-based recreational boat and yacht retailer, said borrowings under the facility are secured primarily by inventory and the company's real estate is not pledged.