WCI Communities restates revolver to increase size, extend maturity

By Marisa Wong

Morgantown, W.Va., Feb. 10 – WCI Communities, Inc. amended and restated its four-year senior unsecured revolving credit facility on Tuesday to increase the total amount available to $115 million from $75 million and extend the term of the agreement to Feb. 9, 2020, according to an 8-K filing with the Securities and Exchange Commission.

Of the total amount available, up to $75 million may be used for the issuance of letters of credit.

The $115 million commitment is subject to a borrowing base calculated based on asset values.

The restated revolver may be increased by a maximum principal amount of up to $85 million.

Borrowings under the amended facility will bear interest at a Libor plus 250 basis points. In addition, the company will pay a 40 bps commitment fee.

The restated facility contains some financial maintenance covenants, including a minimum consolidated interest coverage ratio or minimum liquidity, a maximum consolidated leverage ratio and a minimum consolidated tangible net worth.

Citibank, NA is the administrative agent for the credit agreement, originally dated Aug. 27, 2013.

WCI is a lifestyle community developer and luxury homebuilder based in Bonita Springs, Fla.

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