M.D.C. Holdings to downsize credit facility to $100 million

By Sara Rosenberg

New York, Sept. 14 - M.D.C. Holdings Inc. is reducing the size of its revolving credit facility to $100 million from $800 million, according to an 8-K filed with the Securities and Exchange Commission on Monday.

This reduction will be effective on Wednesday.

As of Sept. 10, the company had about $22.6 million of letters-of-credit outstanding under the revolver and no outstanding borrowings.

The company said that it believes that it does not need the full borrowing capacity of the revolver to meets its liquidity needs and that it will be able to fund its homebuilding operations through existing cash and investment resources.

JPMorgan is the administrative agent on the deal.

M.D.C. Holdings is a Denver-based builder and financer of homes.

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