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WCIC Announces $75MM Facility With Citigroup, Others

August 29, 2013, 07:06 AM
Filed Under: Construction

Homebuilder WCI Communities (WCIC) announced that it has entered into a new four-year $75 million senior unsecured revolving credit facility. The credit facility, which closed on August 27, 2013, includes an accordion feature under which the aggregate commitment may be increased up to $125 million, subject to certain conditions.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC served as the joint lead arrangers and will serve as participating lenders. Citibank, N.A. will serve as the administrative agent for the credit facility. Other participant lenders include Bank of America N.A. and Credit Suisse.

Russell Devendorf, Chief Financial Officer said, “The addition of the revolving credit facility further enhances our capital structure and provides us with the flexibility to continue to execute on our growth strategy. Together with the recently completed initial public offering and senior notes offering, we have increased our available liquidity by over $235 million. We are pleased to have such a strong group of banking partners and appreciate their support as we continue to grow the business.”

WCI Communities is a lifestyle community developer and luxury homebuilder of single- and multi-family homes in most of coastal Florida's highest growth and largest markets.

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