Landsea Homes gets new $500 million revolving credit facility

By Rebecca Melvin

Concord, N.H., Oct. 7 – Landsea Homes Corp. has obtained a new $500 million unsecured revolving credit facility with Western Bank Alliance Bank and BofA Securities Inc. serving as joint lead arrangers and joint bookrunners, according to a company release and an 8-K filing with the Securities and Exchange Commission.

The revolver includes an accordion feature that permits increases in borrowing capacity up to an additional $350 million.

Interest will be at Libor plus 325 basis points, subject to a 0.5% floor. The commitment fee will be between 15 bps to 25 bps, based on unused commitments.

The proceeds of the facility are expected to be used to refinance the company’s outstanding debt obligations, allowing the company to lower interest costs, and to grow existing operations, the company said.

Western Alliance Bank is the administrative agent.

The homebuilder is based in Newport Beach, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.