WCI Communities amends loan, reducing size, revising pricing

By Sara Rosenberg

New York, Aug. 20 - WCI Communities Inc. amended its credit facility, reducing tranche sizes, adjusting pricing and waiving any default arising from certain changes in the composition of its board of directors, according to a news release.

The revolver has been reduced to $700 million from $850 million, with subsequent reductions to $600 million on July 1, 2008 and to $550 million on July 1, 2009.

The term loan has been reduced to $262.5 million from $300 million, with a subsequent reduction to $225 million on July 1, 2008.

In addition, the amendment provides collateral for the loans, adjusts certain financial coverage ratios and other covenants, and makes certain other modifications.

The amendment was completed on Aug. 17.

WCI is a Bonita Springs, Fla.-based builder of traditional and tower residences in highly amenitized lifestyle communities.

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