Homebuilder Century Communities Inc. upsized its senior unsecured credit facility to $540 million and extended the maturity date to April 2022.
The facility has an accordion feature which allows for an increase in the borrowing capacity to $640 million and bears interest at the London Interbank Offered Rate plus a minimum spread of 2.60%.
The credit facility will be available for working capital needs, general business purposes and growth initiatives.
Texas Capital Bank, Fifth Third Bank, Bank of America Merrill Lynch and U.S. Bank served as joint lead arrangers, while six further banks participated in the facility.
