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WCI Communities $900 million revolver priced at Libor plus 140 bps
By Sara Rosenberg
New York, June 16 - WCI Communities Inc.'s amended $900 million unsecured revolving credit facility carries an initial interest rate of Libor plus 140 basis points and an unused fee of 20 bps, according to an 8-K filed with the Securities and Exchange Commission Friday.
Pricing is grid-based and can range from Libor plus 75 to 175 bps, based on leverage. The unused fee can range from 15 to 25 bps, based on leverage.
In addition to improving pricing, the amendment, which was completed June 13, increased the revolver size from $875 million, extended the maturity to June 11, 2010 and favorably modified covenants.
There is a $600 million accordion feature.
Bank of America is the administrative agent on the deal.
WCI is a Bonita Springs, Fla.-based builder of traditional and tower residences in highly amenitized lifestyle communities.
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