Tousa seeks amendment to extend financial covenants waiver

By Sara Rosenberg

New York, Dec. 11 - Tousa Inc. is asking lenders to amend its first-lien term loan and revolving credit facility to extend through Feb. 1 the waiver of the financial covenants, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The amendment would also modify a provision regarding the obligation to pay amounts owed in connection with certain land banking arrangements.

Furthermore, it would revise the material adverse change representation with respect to matters disclosed in the company's 10-Q for the nine months ended Sept. 30.

And, the amendment would seek waivers of the cross-default provision.

The company will have a 25 bps amendment fee.

Citicorp is the administrative agent on the deal.

Tousa is a Hollywood, Fla.-based homebuilder.

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