WCI Communities fixed-charge covenant waiver extended to Jan. 16

By Caroline Salls

Pittsburgh, Jan. 7 - WCI Communities, Inc. obtained an extension through Jan. 16 of the limited waiver of performance under the fixed-charge covenant of its senior secured revolving credit agreement and term loan agreement, according to a company news release.

The waiver was previously set to expire on Jan. 7.

WCI said it expects to use the additional time to finalize discussions on an expected longer-term amendment that would provide financial flexibility through modification of the fixed-charge covenant. The waiver period will also be used to obtain lender approval of the longer-term amendment.

If WCI is not able to obtain the amendment, the maturities on the loans could be accelerated and the lenders could foreclose on collateral, the release said.

WCI is a Bonita Springs, Fla., builder of master-planned lifestyle communities.

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