Forestar amendment increases revolver to $410 million, lifts accordion

Chicago, April 20 – Forestar Group Inc. signed a second amendment to its credit agreement with JPMorgan Chase Bank, NA as administrative agent on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment principally increases the size of the revolving credit facility to $410 million and extends the termination date to April 16, 2025.

Additionally, the accordion feature now allows for an increased $600 million amount of borrowings, subject to certain conditions and availability of bank commitments.

Pricing has also shifted. Interest ranges from Libor plus 175 basis points to 250 bps, based on the leverage ratio, lower than it was previously.

Joint lead arrangers and joint bookrunners are JPMorgan Chase Bank, NA, Citibank, NA, Mizuho Bank, Ltd., Wells Fargo Securities, LLC and TD Securities (USA) LLC.

Citibank, NA, Mizuho Bank, Ltd. and Wells Fargo Securities, LLC are co-syndication agents.

TD Securities (USA) LLC is the documentation agent.

Forestar is an Austin, Texas-based real estate and oil and natural gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.