Green Brick amends credit facility; extends $300M commitments to Dec 2026, adds liquidity covenant

Green Brick Partners, Inc.

Extends $300M of revolving commitments to December 14, 2026; $25M portion expires December 14, 2025.
New minimum liquidity covenant requires Available Liquidity of at least $30M at each fiscal quarter end.
Increases Permitted Liens threshold to greater of $35M and 3% of Consolidated Tangible Net Worth.
Adds exclusions for Mortgage Subsidiary and Insurance Subsidiary from various covenants.
Amends Borrowing Base definitions and increases other subsidiary debt limits.

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

Green Brick Partners, Inc. amended Eleventh Amendment with Flagstar Bank, N.A., as administrative agent (effective 2023-12-08).

Action: amendment
Agreement: credit facility
Counterparty: Flagstar Bank, N.A., as administrative agent
Effective: 2023-12-08

Exact text from the filing

On December 8, 2023, Green Brick Partners, Inc., a Delaware corporation (the “Company”), as borrower, entered into the Eleventh Amendment (the “Eleventh Amendment”) to the Credit Agreement, with the lenders named therein and Flagstar Bank, N.A., as administrative agent (as previously amended, the “Credit Agreement”).

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Green Brick Partners, Inc. filing history →

Source: SEC EDGAR

accession 0001373670-23-000060

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