Century Communities upsizes loans to $300 million, adds eight lenders

By Susanna Moon

Chicago, Dec. 23 – Century Communities, Inc. said it expanded its senior unsecured credit facility due 2018 to $300 million by adding eight lenders with Texas Capital Bank as the lead arranger.

The facility also includes an accordion that allows the company to increase the borrowing capacity to $400 million, according to a company press release.

Interest on the loans is Libor plus 275 basis points to 325 bps, based on leverage.

Proceeds will be used for working capital needs, for general corporate purposes and for growth initiatives.

“The upsizing of our credit facility was completed on attractive terms to our company and further strengthens our capital resources,” Dave Messenger, the company’s chief financial officer, said in the press release.

“We are now even better positioned to continue to execute on our strong pipeline of new community openings, pursue select land purchases, and capitalize on additional value-enhancing opportunities.”

Century Communities is a Greenwood Village, Colo.-based builder of upscale single-family homes, townhomes and flats.

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