KB Home repays $400 million term loan

By Sara Rosenberg

New York, Aug. 7 - KB Home repaid in full its unsecured $400 million term loan on July 31, according to a company news release.

"With the significant free cash flow generated from operations and the proceeds from the sale of our interest in Kaufman & Broad SA, we have reduced outstanding debt by more than 33% or by approximately $1.1 billion since the end of our second fiscal quarter in 2006, and currently have over $400 million in cash and no outstanding borrowings under our $1.5 billion revolving credit facility," said Jeffrey Mezger, president and chief executive officer, in the release.

KB is a Los Angeles-based homebuilder.

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