Landsea Homes enters new $355M revolving credit facility, matures April 2027

Landsea Homes Corp

Senior unsecured revolving credit facility of up to $355.0 million; accordion feature up to $850.0 million.
Facility matures April 19, 2027; replaces prior credit agreement with Western Alliance Bank as administrative agent.
Borrowing base calculated on percentages of cost of residential units and lots; leverage ratio covenant max 0.60:1.00.
Lenders include Bank of America (admin agent), U.S. Bank, and others; existing borrowings from Western Alliance and Flagstar repaid.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Landsea Homes Corp entered into Amended and Restated Credit Agreement with Bank of America, N.A. valued at $355,000,000 senior unsecured revolving credit facility (effective 2024-04-19).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: $355,000,000 senior unsecured revolving credit facility
Effective: 2024-04-19

Exact text from the filing

Landsea Homes Corporation, a Delaware corporation (the “ Company ”), as borrower, entered into that certain amended and restated credit agreement (the “ Credit Agreement ”) with Bank of America, N.A., as Administrative Agent and letter of credit issuer, U.S. Bank National Association as Joint Lead Arranger and Syndication Agent, BofA Securities, Inc., as Joint Lead Arranger and a Sole Bookrunner (the “ Arranger ”) and a syndicate of banks and financial institutions (the “ Lenders ”).

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Source: SEC EDGAR

accession 0001731122-24-000689

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