Landsea Homes ups permitted debt to $600 million, to pay down revolver

By Mary-Katherine Stinson

Lexington, Ky., March 18 – Landsea Homes Corp. raised the amount of permitted senior debt under its credit agreement to $600 million from $500 million on March 15, according to an 8-K filed with the Securities and Exchange Commission.

The eighth amendment also includes a moratorium that extends through April 15 on the dollar-for-dollar reduction in commitment amounts under the revolver that would be triggered upon the incurrence of permitted senior debt over $350 million.

The company obtained the facility on Oct. 6, 2021 with Western Alliance Bank as administrative agent.

In a press release, Landsea also said that it will use the proceeds of a planned senior note offering due 2029 to partially pay down outstanding amounts under its revolver.

The homebuilder is based in Dallas.

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