Landsea Homes increases senior debt basket to $600M; adds April 2024 moratorium

Landsea Homes Corp

Eighth Amendment to October 2021 Credit Agreement increases permitted senior debt from $500M to $600M.
Moratorium through April 15, 2024, on reduction of revolving commitments for senior debt exceeding $350M.
Amendment with Western Alliance Bank as administrative agent; lenders include Bank of America, Flagstar, East West, U.S. Bank.
All existing guarantees reaffirmed; no default or event of default after giving effect to amendment.
Conditions precedent satisfied; amendment effective March 15, 2024.

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

Landsea Homes Corp amended Eighth Amendment Agreement with Western Alliance Bank, as administrative agent, and the other lender parties thereto (effective 2024-03-15).

Action: amendment
Agreement: credit facility
Counterparty: Western Alliance Bank, as administrative agent, and the other lender parties thereto
Effective: 2024-03-15

Exact text from the filing

On March 15, 2024, Landsea Homes Corporation, a Delaware corporation (the “ Company ”), and certain of its subsidiaries entered into that certain Eighth Amendment Agreement (the “ Eighth Amendment Agreement ”) with Western Alliance Bank, as administrative agent, and the other lender parties thereto, which amends the Company’s existing Credit Agreement dated October 6, 2021

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Source: SEC EDGAR

accession 0001731122-24-000437

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