New Home extends revolver to 2021, amount decreased to $130 million

By Rebecca Melvin

New York, Aug. 12 – New Home Co. Inc. entered into a second modification agreement to its amended and restated credit agreement, which extends the maturity of its revolving credit agreement and decreases commitments under the facility, among other things, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date of the revolver was extended to March 1, 2021, and the total borrowing commitment was decreased to $130 million from $200 million. In addition, the increase option was lowered to $200 million from $300 million.

The changes, which were inked on Aug. 7, also provide for certain adjustments to the borrowing base calculation beginning Jan. 1, 2020 and revise the covenant limiting restricted payments to provide for basket limitations and net leverage ratio thresholds on the company’s stock repurchases, dividend payments and repurchases of senior notes.

At closing, the outstanding principal balance of the loan was $59 million and letters of credit in the aggregate face amount of $2.28 million had been issued

U.S. Bank NA is the administrative agent.

The company is a homebuilder based in Aliso Viejo, Calif.

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