Century Communities lifts facility to $380 million, extends to 2019

By Marisa Wong

Morgantown, W.Va., Aug. 22 – Century Communities, Inc. said it has expanded its senior unsecured credit facility to $380 million and extended the term of the facility by one year to mature in October 2019.

Borrowings will bear interest at an unchanged rate of Libor plus a spread of 275 basis points to 325 bps, depending on Century’s leverage ratio.

The credit facility will be available for working capital needs, general corporate purposes and growth initiatives.

“We are pleased to further strengthen our balance sheet metrics and enhance our access to attractive capital resources,” chief financial officer Dave Messenger said in a press release.

“This expanded facility provides significant flexibility for continued execution of our growth initiatives into coming years. We appreciate our bank partners’ continued support and confidence in our strategic plan.”

Texas Capital Bank acted as lead arranger, and 10 additional banks participated.

Century Communities is a Greenwood Village, Colo.-based builder of upscale single-family homes, townhomes and flats.

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