Dominion Homes amends loan, allowing for more excess borrowings

By Laura Lutz

Des Moines, Sept. 28 - Dominion Homes, Inc. again amended its credit facility, according to an 8-K filed with the Securities and Exchange Commission.

The amendment allows Dominion to borrow up to the lesser of $9 million in excess of the borrowing base and an amount equal to $209 million minus the total outstanding principal of the company's term loans and revolving loans under the credit agreement.

Huntington National Bank is the administrative agent on the deal, and Silver Point Finance is the senior administrative agent.

Any such borrowings are due Dec. 29, 2010.

The lenders may decide to discontinue the availability of excess borrowings at any time. In that case, Dominion would have to repay in borrowings in full one business day after it is informed of the decision.

The amendment is effective as of Sept. 27.

As previously reported, Dominion amended the credit facility effective Sept. 11 to allow for the borrowing of up to $2 million in excess of the borrowing base limitation, provided that those borrowings were paid in full as of Sept. 28.

Dominion is a Dublin, Ohio-based provider of single-family homes.

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