WCI increases unsecured revolver to $875 million

By Sara Rosenberg

New York, Sept. 28 - WCI Communities Inc. increased its unsecured revolving credit facility to $875 million from $750 million, according to a company news release.

Banc of America acted as lead arranger and administrative agent, Wachovia Bank as co-lead arranger and syndication agent and JP Morgan Chase Bank, The Royal Bank of Scotland plc and KeyBank as co-documentation agents. Twenty-one other lenders are also participating in the credit facility.

The facility, which was expanded on Sept. 27, contains an accordion feature, under which it can be increased to $1 billion.

As was previously reported, on Sept. 22, the company closed on a $390 million amended and restated revolving credit facility due Dec. 31, 2008. Wachovia Bank is the administrative agent on the deal.

Borrowings carry an interest rate that can range from Libor plus 100 to 200 basis points, based on leverage.

"We are very pleased to announce this increase in our borrowing capacity, which increases our financial flexibility," said Jim Dietz, chief financial officer, in the release.

"We appreciate the continued confidence and commitment of our bank group and look forward to the many achievements that lie ahead for our company. These additional sources of capital are not expected to increase our debt to capital in future periods as we continue to grow our business."

WCI is a Bonita Springs, Fla.-based integrated homebuilding and real estate services company.

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