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Texas Capital Bank Arranges Century Communities’ $120MM Credit Facility

October 22, 2014, 07:29 AM
Filed Under: Construction

Century Communities, a leading builder of upscale single-family homes, townhomes and flats in select markets, today announced, that it has entered into a new three year, $120 million senior unsecured credit facility with an accordion feature allowing the Company to increase the borrowing capacity to $200 million, subject to certain approvals. Borrowings under the credit facility will bear interest at a rate of LIBOR plus a spread of 2.75% to 3.25%, depending on Century’s leverage ratio. The new credit facility will be available for working capital needs, general corporate purposes and growth initiatives.

“This new revolver provides an attractive source of capital and further enhances our ability to expand our land portfolio in new and existing markets,” said Dave Messenger, Chief Financial Officer. “We are pleased with the support of our bank partners and their confidence in the financial strength of our Company as we continue to capitalize on organic growth opportunities while continuing to pursue select acquisitions in our target markets.”

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

Founded in 2002, Colorado-based Century Communities is a builder of single-family homes, townhomes and flats in select major metropolitan markets in Colorado, Texas, and Nevada. 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 50 homebuilder in the United States and is one of the top five fastest growing homebuilders by total revenue.

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