D.R. Horton Announces Increase in Senior Unsecured Revolving Bank Credit Facility to $600 Million
D.R. Horton (NYSE: DHI), America's Builder, announced that it has received additional lending commitments from five banks to increase the capacity of its five-year senior unsecured revolving credit facility to $600 million. The facility has also been amended to include an uncommitted accordion feature which could increase the facility to $1 billion, subject to certain conditions and availability of additional bank commitments. The facility's letter of credit sublimit is 50% of the revolving credit commitment, or $300 million.
The Royal Bank of Scotland plc remains the Sole Lead Arranger and Administrative Agent of the facility. The additional lenders joining the facility as Co-Arrangers are Citibank N.A.; Deutsche Bank Trust Company Americas; JPMorgan Chase Bank, N.A.; UBS AG, Stamford Branch and Wells Fargo Bank.
Donald R. Horton, Chairman of the Board, said, “We are very pleased to welcome these additional five banks as Co-Arrangers to our revolving credit facility. We appreciate their commitment to D.R. Horton and their support of our business as we prepare to take advantage of profitable growth opportunities across our homebuilding markets.”
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.