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TRI Pointe Homes increases revolver to $550 million, lowers pricing
By Angela McDaniels
Tacoma, Wash., May 21 – TRI Pointe Homes, Inc. amended its credit agreement on Monday to increase the revolving credit facility to $550 million from $425 million, extend the maturity date of the facility to May 18, 2019 and reduce the interest rate, according to an 8-K filing with the Securities and Exchange Commission.
The amended interest rate is Libor plus a margin that ranges from 145 basis points to 220 bps. After the pricing schedule adjustment date, the margin over Libor will range from 125 bps to 200 bps.
The pricing schedule adjustment date will occur once certain conditions are met but in no case sooner than June 1, 2016.
The maximum size of the facility was increased to $700 million from $575 million.
Union Bank, NA assigned its full $50 million commitment to JPMorgan Chase Bank, NA. Fifth Third Bank and Credit Suisse AG, Cayman Islands Branch became lenders with commitments of $45 million and $25 million, respectively.
As of Monday, the outstanding principal balance of the loan is $359.39 million, and $11.82 million of letters of credit are outstanding.
TRI Pointe is an Irvine, Calif.-based homebuilder.
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