Kaufman & Broad closes on €200 million three-part bank facility

By Toni Weeks

San Luis Obispo, Calif., March 31 - Kaufman & Broad SA replaced its existing senior debt with a new €200 million bank facility, according to a press release.

The company closed on a €50 million revolving credit facility, a €50 million tranche A senior credit facility and a €100 million tranche B senior credit facility on Monday.

The facility was conditioned on the issuance of €370 million of 7% senior notes due 2019 by subsidiary Financiere Gaillon 8 SA.

At closing, the company drew the full amounts available under the tranche A and tranche B facilities and applied the €150 million to fully repay, along with available cash, outstanding debt under the company's existing senior credit facilities dated July 9, 2007. The company has not borrowed from the revolver, the release noted.

Neuilly-sur-Seine, France-based Kaufman & Broad is a real estate development and construction company.

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