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The New Home Company Increases Facility to $260MM With U.S. Bank, Others

May 11, 2016, 07:27 AM
Filed Under: Homebuilding

The New Home Company Inc. announced that it amended and restated its senior unsecured revolving credit facility. In connection with the amended and restated agreement, the company increased the total commitment from $200 million to $260 million and extended the maturity date by one year to April 30, 2019. The facility, which contains certain financial covenants and is governed by a borrowing base, includes an accordion feature which allows the Company to increase the total commitment under the facility up to a maximum aggregate commitment of $350 million, subject to the availability of lender commitments.

Seven lenders are participating in the facility, with U.S. Bank National Association d/b/a Housing Capital Company acting as administrative agent and lead arranger. The other lenders in the facility are Citibank, N.A., Credit Suisse AG, Bank of the West, JPMorgan Chase Bank, N.A., ZB, N.A. d/b/a California Bank & Trust and City National Bank.

John Stephens, Chief Financial Officer, stated, “The increase and extension of this facility is an important step in expanding our capital base as it provides us with additional liquidity to pursue our growth objectives and expand our wholly-owned business. We sincerely appreciate our bank group’s support and look forward to strengthening these valuable relationships as we continue to develop well-located communities in our markets.”

The New Home Company is a new generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major metropolitan areas within select growth markets in California and Arizona, including coastal Southern California, the San Francisco Bay area, metro Sacramento and the greater Phoenix area.

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