GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--
Century
Communities, Inc. (NYSE:CCS) (“Century”), a leading national
homebuilder, today announced that it has upsized its senior unsecured
credit facility to $540 million, with an accordion feature allowing the
Company to increase the borrowing capacity to $640 million. Borrowings
under the credit facility will bear interest at a rate of LIBOR plus a
minimum spread of 2.60%. The term of the credit facility has been
extended to mature in April 2022. The credit facility will be available
for working capital needs, general corporate purposes and growth
initiatives. Currently there are no borrowings outstanding on the credit
facility.
“We are pleased to announce the upsizing and the maturity date extension
of our unsecured credit facility,” said Dave Messenger, Chief Financial
Officer. “We expect this enhanced facility to reduce overall borrowing
costs and further improve our already strong liquidity position. We
appreciate our bank group’s continued support for Century and our
strategic plan."
Texas Capital Bank, Fifth Third Bank, Bank of America Merrill Lynch and
U.S. Bank acted as joint Lead Arrangers and 6 additional banks are
participants in the credit facility. Additional details on pricing and
other terms of the credit facility may be found in the Form 8-K that
will be filed with the Securities and Exchange Commission and also
available on the Investor Relations section of our website at www.centurycommunities.com.
About Century Communities:
Century Communities, Inc. (NYSE:CCS) is one of the nation’s largest U.S.
homebuilders, engaged in all aspects of homebuilding, including the
acquisition, entitlement and development of land and the construction,
marketing and sale of quality homes designed to appeal to a wide range
of homebuyers. The Colorado-based Company operates in 10 states across
the West, Mountain, Texas and Southeast Regions and offers title and
lending services in select markets through its Parkway Title and Inspire
Home Loan subsidiaries. To learn more about Century Communities please
visit www.centurycommunities.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and, as
such, may involve known and unknown risks, uncertainties and
assumptions. Forward-looking statements may be identified by the use of
words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,”
“outlook,” and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Forward-looking statements should not be read as a
guarantee of future performance or results, and will not necessarily be
accurate indications of the times at, or by, which such performance or
results will be achieved. Forward-looking statements are based on
historical information available at the time the statements are made and
are based on management’s reasonable belief or expectations with respect
to future events, and are subject to risks and uncertainties, many of
which are beyond the Company’s control, that could cause actual
performance or results to differ materially from the belief or
expectations expressed in or suggested by the forward-looking
statements. Forward-looking statements speak only as of the date on
which they are made and the Company undertakes no obligation to update
any forward-looking statement to reflect future events, developments or
otherwise, except as may be required by applicable law. Investors are
referred to the Company’s Annual Report on Form 10-K for additional
information regarding the risks and uncertainties that may cause actual
results to differ materially from those expressed in any forward-looking
statement.
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Investor Relations:
303-268-8398
[email protected]
Source: Century Communities, Inc.