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Texas Capital Bank Arranges Century Communities Credit Facility Increase to $380MM

August 23, 2016, 07:19 AM
Filed Under: Construction

Century Communities, Inc., a top-25 U.S. homebuilder of single-family homes, townhomes and flats in select markets, announced that it has expanded its senior unsecured credit facility to $380 million. Borrowings under the credit facility will bear interest at an unchanged rate of LIBOR plus a spread of 2.75% to 3.25%, depending on Century’s leverage ratio. The term of the credit facility has been extended one year to mature in October 2019. The credit facility will be available for working capital needs, general corporate purposes and growth initiatives.

Texas Capital Bank acted as sole Lead Arranger and ten additional banks are participants in the credit facility.

“We are pleased to further strengthen our balance sheet metrics and enhance our access to attractive capital resources,” said Dave Messenger, Chief Financial Officer. “This expanded facility provides significant flexibility for continued execution of our growth initiatives into coming years. We appreciate our bank partners’ continued support and confidence in our strategic plan.”

Founded in 2002, Colorado-based Century Communities is a builder of single-family homes, townhomes and flats in select major metropolitan markets in Colorado, Georgia, Nevada, Texas, and Utah. The Company offers a wide variety of product lines and is engaged in all aspects of homebuilding, including the acquisition, entitlement and development of land and the construction, marketing and sale of homes. Century Communities is a top-25 U.S. homebuilder based on homes delivered.

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