Shea Homes, subsidiary set up $75 million letter-of-credit facility

By Susanna Moon

Chicago, May 11 - Shea Homes LP and its wholly owned subsidiary Shea Homes Funding Corp. established a new $75 million letter-of-credit facility, according to a press release.

The facility is secured by a security interest in substantially all of the assets of the company.

Shea also issued $750 million principal amount of 8 5/8% senior secured notes due 2019.

The Walnut, Calif.-based homebuilder plans to use the proceeds to refinance debt and for general corporate purposes.

© 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.