Kaufman & Broad amends loan, getting liquidity facility, modifying covenants

By Sara Rosenberg

New York, Jan. 26 - Kaufman & Broad SA restructured its senior credit facility, getting an additional €75 million liquidity facility over two years, revising financial covenants and suspending dividend payouts for at least three years, according to a news release.

The liquidity facility, which is available for drawing until Nov. 30 and matures on Dec. 31, 2010, will be used for working capital and general corporate purposes.

As for covenants, the company will have no financial covenants during the 2009 financial year; during the first quarter of 2010, consolidated EBITDA must be positive; and for all subsequent quarters, there will be leverage, interest coverage and cashflow coverage ratios.

The amendment was completed on Jan. 23.

Kaufman & Broad is a Paris-based developer and builder of apartments, single-family homes and office space.

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