OneWater Marine Inc. Announces a Successful Debt Refinancing

By GlobeNewswire

OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or “the Company”) announced today that it has closed on a new $110 million senior credit facility (“credit facility”), resulting in annual savings of more than $6 million in Fiscal Year 2021.

The new credit facility consists of an $80 million term loan, with a $30 million undrawn revolver. It replaces OneWater’s former $110 million facility with Goldman Sachs Specialty Lending, which included a $10 million undrawn revolver. In addition, the new credit facility will maintain more flexible covenants and terms. OneWater has elected to use excess cash to make a significant paydown of the principal amount in conjunction with the refinancing. 

Truist Bank acted as the sole administrative agent, collateral agent, swingline lender and issuing bank, while SunTrust Robinson Humphrey, Inc. and Synovus Bank acted as joint lead-arrangers and joint bookrunners. The credit facility has a five-year term and provides the Company with a $50 million accordion feature to expand the facility in the future. The Company has initially elected for interest rate on the loan to be LIBOR based (with a 75 basis point floor) plus a sliding scale of 200-300 basis points, based on the net leverage ratio of the Company. At closing the initial rate on the facility will be 3.00%.

“This refinancing will generate meaningful interest expense savings, improve our cash flows and strengthen our financial position, allowing us to further advance our long-term growth strategy,” said Jack Ezzell, Chief Financial Officer of OneWater Marine. “The new credit facility increases our financial flexibility, which will be invaluable as we pursue strategic acquisition opportunities and expand our geographic footprint into regions with strong boating cultures. Our four-year partnership with Goldman Sachs Specialty Lending accelerated our growth and created additional opportunities ahead for OneWater. We want to sincerely thank them for their partnership and support through this period of transformational growth.”

About OneWater Marine Inc.

OneWater Marine Inc. is one of the largest and fastest-growing premium recreational boat retailers in the United States. OneWater operates 63 stores throughout 11 different states, eight of which are in the top twenty states for marine retail expenditures. OneWater offers a broad range of products and services and has diversified revenue streams, which include the sale of new and pre-owned boats, parts and accessories, finance and insurance products, maintenance and repair services and ancillary services such as boat storage.

Investor or Media Contact:

Jack Ezzell
Chief Financial Officer