Loan & DebtOct 1, 2026, 04:11 PM
Century Communities Increases Credit Facility to $1.2B; Extends Maturity
AI Summary
Century Communities, Inc. has entered into a First Amendment to its Credit Agreement, significantly increasing its aggregate commitments to $1,200,000,000. The amendment also extends the Facility Termination Date to November 1, 2030, for certain lenders and introduces Flagstar Bank, N.A. and Morgan Stanley Senior Funding, Inc. as new lenders. Key financial covenants, including the tangible net worth requirement, have been adjusted, and a credit spread adjustment for SOFR-based borrowings has been removed.
Key Highlights
- Century Communities, Inc. amended its Credit Agreement, increasing aggregate commitments to $1,200,000,000.
- The Facility Termination Date was extended to November 1, 2030, for extending lenders.
- Flagstar Bank, N.A. and Morgan Stanley Senior Funding, Inc. were added as new lenders.
- The tangible net worth covenant was amended to require a minimum of approximately $1,766,519,096 plus 50% of net equity proceeds and 50% of quarterly net income after June 30, 2026.
- The 0.10% credit spread adjustment for SOFR-based borrowings was eliminated.
Price Impact
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