United Homes Group, Inc. (UHG): debt financing — United Homes Group enters $240M amended revolving credit facility with Wells Fargo

United Homes Group, Inc.

Second Amended and Restated Credit Agreement ups facility to $240M revolving line, maturing August 10, 2026.
Covenants include max leverage ratio of 2.50:1 (2.25 after Dec 2023), min tangible net worth of $70M plus earnings.
Interest at SOFR + 275-350 bps or base rate plus margin; unused fee 15-30 bps.
Borrower adds United Homes Group (parent) as co-borrower alongside Great Southern Homes.
Minimum liquidity of $20M and unrestricted cash at least 50% of that amount required at all times.

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

United Homes Group, Inc. amended revolving credit of up to $240,000,000 with Wells Fargo Bank, National Association, as administrative agent; Wells Fargo Securities, LLC, as sole Lead Arranger and sole Bookrunner; and the lenders party thereto at Secured Overnight Financing Rate plus an applicable margin (ranging from 275 bas maturing August 10, 2026.

Instrument: revolving credit
Principal: up to $240,000,000
Counterparty: Wells Fargo Bank, National Association, as administrative agent; Wells Fargo Securities, LLC, as sole Lead Arranger and sole Bookrunner; and the lenders party thereto
Rate: Secured Overnight Financing Rate plus an applicable margin (ranging from 275 bas
Maturity: August 10, 2026
Event: amendment

Exact text from the filing

given them in the Second Amended and Restated Credit Agreement. The Second Amended and Restated Credit Agreement provides for a three-year revolving credit facility of up to $240,000,000 (the “Revolving Loans” or the “Amended Credit Facility”). The Amended Credit Facility also includes a $2,000,000 letter of credit as a sub-facility subject to the same terms and

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Source: SEC EDGAR

accession 0001104659-23-090289

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