KB Home enters $310M term loan to refinance 7.625% Senior Notes due 2023

KB HOME

Up to $310M senior unsecured term loan (expandable to $400M) with Wells Fargo as administrative agent.
No initial draw; may draw through Nov 23, 2022; proceeds to redeem 7.625% Senior Notes due May 15, 2023.
Interest rates: adjusted term SOFR or base rate plus spread 1.35%-1.90% or 0.35%-0.90% based on leverage.
Maturity August 25, 2026; financial covenants include tangible net worth, leverage, liquidity, borrowing base.
Change in control triggers repayment; customary events of default with cure periods.

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