Orleans Homebuilders amends loan, modifying covenants

By Sara Rosenberg

New York, May 10 - Orleans Homebuilders Inc. amended its revolving credit facility, revising the minimum consolidated tangible net worth, the maximum ratio of certain land owned to adjusted consolidated net worth and the minimum debt service ratio covenants, according to a company news release.

In addition, the amendment increased the borrowing base availability attributable to units not subject to a qualifying agreement of sale.

The amendment was completed on May 8, but is effective as of March 31.

As a result of the amendment, the company was in compliance with the covenants as of March 31.

Orleans is a Bensalem, Pa.-based residential homebuilder.

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