OneWater Marine enters $650M inventory financing facility with Wells Fargo

OneWater Marine Inc.

Facility provides up to $650M asset-based borrowing for inventory; secured by inventory, receivables, bank accounts.
Interest rate: Adjusted 30-Day SOFR + 2.75%-5.00% (new boats) and +0.25% on that rate for pre-owned.
Financial covenants include Funded Debt to EBITDA Ratio stepping down from 3.25x to 2.75x; Fixed Charge Coverage at 1.50x.
Guaranteed by CEO P. Austin Singleton and President Anthony Aisquith; matures March 1, 2026.
Replaces existing Seventh Amended and Restated Inventory Financing Agreement dated Dec 2021.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OneWater Marine Inc. entered into Eighth Amended and Restated Inventory Financing Agreement with Wells Fargo Commercial Distribution Finance, LLC valued at $650.0 million (effective 2023-11-14).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Commercial Distribution Finance, LLC
Value: $650.0 million
Effective: 2023-11-14

Exact text from the filing

On November 14, 2023, OneWater Marine Inc., a Delaware corporation (the “Company”) and its subsidiaries entered into the Eighth Amended and Restated Inventory Financing Agreement (the “A&R Inventory Financing Facility”), with the dealers party thereto, Wells Fargo Commercial Distribution Finance, LLC, as agent (the “Agent”), and the Lenders party thereto.

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OneWater Marine Inc. filing history →

Source: SEC EDGAR

accession 0001772921-23-000077

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