D.R. Horton amends revolver to increase size, extend maturity, decrease pricing

By Sara Rosenberg

New York, March 29 - D.R. Horton Inc. amended and restated its unsecured revolving credit facility to increase the size to $1 billion from $805 million, extend the maturity to March 25, 2008 from Jan. 31, 2006 and reduce pricing.

Bank of America is the administrative agent, Banc of America Securities LLC is the sole lead arranger and sole bookrunner, Credit Lyonnais and The Royal Bank of Scotland plc are the co-syndication agents, Bank One, Wachovia Bank, Keybank and Suntrust Bank are the co-documentation agents, BNP Paribas, UBS AG and Washington Mutual Bank are co-senior managing agents and Comerica Bank and U.S. Bank are co-managing agents, according to a company news release.

There are 14 other banks participating in the revolver as well.

The revolver also contains an uncommitted $250 million accordion feature, under which the size may be increased to $1.25 billion, and a $350 million letter-of-credit subfacility.

"We deeply appreciate the support that our bank lenders have provided to us in the past and are very proud to have earned the confidence they now show in us by increasing the size, extending the maturity and improving the pricing of our new credit facility," said Donald R. Horton, chairman of the board, in the release. "Our lenders have played an important role in the historical success of 'America's Builder' and, by providing the short-term liquidity we need to react quickly to future opportunities, we believe they will continue to help us grow rapidly and profitably, maintaining our position as the nation's number one homebuilder."

D.R. Horton is an Arlington, Texas-based company involved in construction and sales of high quality homes.

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