Orleans Homebuilders plans to close $500 million revolver by year-end

By Sara Rosenberg

New York, Nov. 19 - Orleans Homebuilders Inc. now plans to have a new $500 million secured revolving credit facility in place by Dec. 31, as opposed to the previously expected closing timeline of Nov. 30, according to an 8-K field with the Securities and Exchange Commission Friday.

Because of this delay, the company amended its bridge loan on Wednesday to extend the maturity date to Dec. 31 from Nov. 30.

The amendment also increased the size of the bridge loan to $140 million from $120 million and, subject to participation by additional lenders, the maximum borrowing amount may be increased to up to $220 million. As of Friday, there was about $122 million outstanding under the loan.

Wachovia Bank is the lead bank on the bridge loan.

Orleans Homebuilders is a Bensalem, Pa.-based developer, builder and marketer of single-family homes, townhouses and condominiums.

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