Forestar gets $380 million three-year senior revolving bank facility

By Susanna Moon

Chicago, Aug. 17 – Forestar Group Inc. said it obtained a $380 million three-year senior unsecured revolving credit facility.

JPMorgan Chase Bank, NA, Citibank, NA, Mizuho Bank, Ltd. and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners.

The facility has a $190 million accordion that allows the facility to be upsized to $570 million, with additional bank commitments, according to an announcement.

The facility includes a letter-of-credit sublimit equal to 50% of the revolving credit commitment, for an initial sublimit of $190 million.

“We are excited about our growth opportunities and believe this is an opportune time to add a revolving credit facility to Forestar’s capital structure,” Donald J. Tomnitz, chairman of the board, said in the press release.

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

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