KB Home obtains $1 billion revolver

By Sara Rosenberg

New York, Oct. 30 - KB Home closed on a new $1 billion unsecured revolver. Bank of America, Bank One, Fleet Bank, Credit Lyonnais, Wachovia Bank, Key Bank and Sun Trust Bank were the lead banks on the deal.

The Los Angeles homebuilder's new revolver replaces the existing $644 million revolver due in 2004 and $183 million term loan due in 2005.

"We are gratified by the continued commitment of these highly respected banking institutions and appreciate the new banking partners who have joined our group," said Bruce Karatz, chairman and chief executive officer, in a news release. "We believe the success of the syndication is due to the strong relationships we have forged with our bank group over the years, as well as our success in achieving debt reduction and judicious balance sheet management.

"This enhanced capital capacity provides a strong foundation as we continue to grow our business," Karatz concluded.

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