KB Home lifts revolving facility to $800 million, extends to 2023

By Wendy Van Sickle

Columbus, Ohio, Oct. 8 – KB Home amended its revolving credit facility to increase availability to $800 million from $500 million and extend the maturity date to Oct. 7, 2023 from July 27, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The amended credit facility contains an accordion feature that allows availability to be further increased to $1 billion. There is a $250 million sublimit for letters of credit.

Interest is Libor plus a margin of 137.5 basis points to 200 bps, depending on the company’s leverage ratio. The commitment fee is 25 bps based on the current leverage ratio.

Citibank, NA, BofA Securities, Inc., Bank of the West, Credit Suisse Securities (USA), LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC are the joint lead arrangers and bookrunners. Citibank, Bank of America, NA, Bank of the West, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank and Wells Fargo Bank, NA are the co-syndication agents.

Citibank, NA is the administrative agent.

At closing, about $130 million of loans and $19.7 million of letters of credit were outstanding under the credit agreement.

KB Home is a Los Angeles-based homebuilder.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.