Front Yard Residential amends $250 million credit facility

By Robert S. Johnson

Princeton, N.J., April 10 – Front Yard Residential Corp. entered into a second amendment to its $250 million second amended and restated credit agreement with Nomura Corporate Funding Americas LLC, according to an 8-K filing with the Securities and Exchange Commission.

The amendment revises the maturity date of the credit facility to April 3, 2020 and reduces the interest rate spread over one-month Libor to 230 basis points from 300 bps.

Also, the amendment made the aggregate borrowing amount $250 million uncommitted but available to the company subject to certain eligibility requirements and amended the definition of funding value, which improves certain advance rates under the facility.

The amendment also modified the facility’s fee structure, resulting in a net reduction of fees to the company.

Front Yard, based in Chrisiansted, U.S. Virgin Islands, is a rental home provider.

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