Rhodes Homes $600 million credit facility to launch Tuesday

By Sara Rosenberg

New York, Oct. 6 - Rhodes Homes is scheduled to hold a bank meeting on Tuesday to launch its proposed $600 million credit facility, according to a syndicate document.

Credit Suisse First Boston is the lead arranger on the deal.

The facility consists of a $450 million five-year term loan B and a $150 million 51/2-year second-lien term loan, with price talk still to be determined on both tranches, the document said.

Proceeds will be used for a dividend recapitalization.

Rhodes Homes is a Las Vegas-based homebuilder.

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