D.R. Horton subsidiary extends $1.025B credit facility to 2027, raises accordion to $2.0B

HORTON D R INC /DE/

Amendment No. 1 to $1.025B senior unsecured revolving credit facility extends termination date to October 10, 2027 from March 2027.
Accordion feature increased to permit aggregate facility limit up to $2.0B, subject to conditions and bank commitments.
DRH Rental is borrower; D.R. Horton and its homebuilding, Forestar and financial services subsidiaries do not guarantee the facility.
Pricing schedule unchanged: SOFR margin 1.75%-2.50%, base rate margin 0.75%-1.50%, fee rate 0.225%-0.375% based on leverage ratio.
Facility continues to be used for working capital and general corporate purposes of DRH Rental and subsidiaries.

Key facts

Extracted from this filing and checked against the source text.

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

HORTON D R INC /DE/ amended Amendment No. 1 with Mizuho Bank, Ltd., as Administrative Agent, and the Lenders named therein valued at $1.025 billion senior unsecured revolving credit facility (effective 2023-10-10).

Action: amendment
Agreement: credit facility
Counterparty: Mizuho Bank, Ltd., as Administrative Agent, and the Lenders named therein
Value: $1.025 billion senior unsecured revolving credit facility
Effective: 2023-10-10

Exact text from the filing

Effective October 10, 2023, DRH Rental, Inc. (“ DRH Rental ”), a wholly-owned subsidiary of D.R. Horton, Inc., Mizuho Bank, Ltd., as Administrative Agent, and the Lenders named therein entered into Amendment No. 1 (the " Amendment No. 1 ") to the Credit Agreement dated as of March 4, 2022 (as so amended, the “ Credit Agreement ”) with respect to its $1.025 billion senior unsecured revolving credit facility (the “ Credit Facility ”).

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Source: SEC EDGAR

accession 0000882184-23-000102

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