PULTEGROUP INC/MI/ (PHM): debt financing — Pulte Mortgage enters $850M repurchase facility with JPMorgan to finance mortgage origination

PULTEGROUP INC/MI/

Maximum aggregate commitment $850M with accordion feature to $900M; initial commitment $560M.
Seasonal adjustments: increases to $850M on Dec 27, 2023; reduces to $600M Jan 16, 2024; increases to $700M June 26, 2024.
Expires August 14, 2024; pricing based on Adjusted Term SOFR or default rate.
Obligations not guaranteed by PulteGroup or its subsidiaries that guarantee PulteGroup's senior notes.
Covenants include minimum Adjusted Tangible Net Worth, Leverage Ratio, Liquidity, and Net Income thresholds.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PULTEGROUP INC/MI/ incurred credit facility of $850 million with JPMorgan Chase, as Agent and representative of itself as a Buyer and the other Buyers at Adjusted Term SOFR Rate maturing August 14, 2024.

Instrument: credit facility
Principal: $850 million
Counterparty: JPMorgan Chase, as Agent and representative of itself as a Buyer and the other Buyers
Rate: Adjusted Term SOFR Rate
Maturity: August 14, 2024
Event: incurrence

Exact text from the filing

("PulteGroup"), entered into a Master Repurchase Agreement (the “Repurchase Agreement”) with JPMorgan Chase, as Agent and representative of itself as a Buyer and the other Buyers ("Agent"), and the other Buyers listed therein.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PULTEGROUP INC/MI/ entered into Master Repurchase Agreement with JPMorgan Chase, as Agent and representative of itself as a Buyer and the other Buyers valued at maximum aggregate commitment of $850 million (effective 2023-08-16).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase, as Agent and representative of itself as a Buyer and the other Buyers
Value: maximum aggregate commitment of $850 million
Effective: 2023-08-16

Exact text from the filing

On August 16, 2023 , Pulte Mortgage LLC (“Pulte Mortgage”), a wholly-owned subsidiary of PulteGroup, Inc. ("PulteGroup"), entered into a Master Repurchase Agreement (the “Repurchase Agreement”) with JPMorgan Chase, as Agent and representative of itself as a Buyer and the other Buyers ("Agent"), and the other Buyers listed therein.

View on SEC.gov

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PULTEGROUP INC/MI/ filing history →

Source: SEC EDGAR

accession 0000822416-23-000037

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