Century
Communities, Inc. (NYSE:CCS) (the “Company”), a leading builder of
upscale single-family homes, townhomes and flats in select markets,
today announced, that it has entered into a new three year, $120 million
senior unsecured credit facility with an accordion feature allowing the
Company to increase the borrowing capacity to $200 million, subject to
certain approvals. Borrowings under the credit facility will bear
interest at a rate of LIBOR plus a spread of 2.75% to 3.25%, depending
on Century’s leverage ratio. The new credit facility will be available
for working capital needs, general corporate purposes and growth
initiatives.
“This new revolver provides an attractive source of capital and further
enhances our ability to expand our land portfolio in new and existing
markets,” said Dave Messenger, Chief Financial Officer. “We are pleased
with the support of our bank partners and their confidence in the
financial strength of our Company as we continue to capitalize on
organic growth opportunities while continuing to pursue select
acquisitions in our target markets.”
Texas Capital Bank acted as sole Lead Arranger and five additional banks
are participants in the credit facility. Additional details on pricing
and other terms of the credit facility may be found in the Form 8-K that
will be filed with the Securities and Exchange Commission and also
available on the Investor Relations section of our website at www.centurycommunities.com.
About Century Communities:
Founded in 2002, Colorado-based Century Communities is a builder of
single-family homes, townhomes and flats in select major metropolitan
markets in Colorado, Texas, and Nevada. The Company offers a wide
variety of product lines and is engaged in all aspects of homebuilding,
including the acquisition, entitlement and development of land and the
construction, marketing and sale of homes. Century Communities is a top
50 homebuilder in the United States and is one of the top five fastest
growing homebuilders by total revenue. To learn more about Century
Communities please visit www.centurycommunities.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and, as
such, may involve known and unknown risks, uncertainties and
assumptions. Forward-looking statements may be identified by the use of
words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,”
“outlook,” and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Forward-looking statements should not be read as a
guarantee of future performance or results, and will not necessarily be
accurate indications of the times at, or by, which such performance or
results will be achieved. Forward-looking statements are based on
historical information available at the time the statements are made and
are based on management’s reasonable belief or expectations with respect
to future events, and are subject to risks and uncertainties, many of
which are beyond the Company’s control, that could cause actual
performance or results to differ materially from the belief or
expectations expressed in or suggested by the forward-looking
statements. Forward-looking statements speak only as of the date on
which they are made and the Company undertakes no obligation to update
any forward-looking statement to reflect future events, developments or
otherwise, except as may be required by applicable law. Investors are
referred to the Company’s registration statement on Form S-1 for
additional information regarding the risks and uncertainties that may
cause actual results to differ materially from those expressed in any
forward-looking statement.
Copyright Business Wire 2014