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J.P. Morgan Securities Arranges $65MM Credit Facility for AV Homes

April 10, 2014, 07:22 AM
Filed Under: Homebuilding

AV Homes, Inc., a developer and builder of active adult and conventional home communities in Arizona, Florida and North Carolina, announced it has entered into a three-year, $65 million senior secured revolving credit facility, that is scheduled to mature in April 2017. The facility will be available for working capital requirements and general corporate purposes. The credit facility has been arranged by J.P. Morgan Securities LLC. The participating banks are JPMorgan Chase Bank, N.A., Royal Bank of Canada and Credit Suisse. Borrowing under the facility is subject to customary terms and conditions for senior secured facilities including, among other things, appraisal of properties subject to the security arrangements of the facility.

Roger A. Cregg, President and Chief Executive Officer, commented, "We are pleased to have obtained this credit facility which will enhance our liquidity and facilitate our ongoing growth strategy."

AV Homes, Inc. is engaged in homebuilding, community development and land sales in Arizona, Florida and North Carolina. Its principal operations are conducted near Phoenix, Arizona, Orlando, Florida, and Raleigh/Durham, North Carolina markets. The company builds communities that serve active adults 55 years and older and people of all ages.

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