J.P. Morgan Arranges $65 Million Facility for AV Homes
AV Homes announced it entered into a three-year, $65 million senior secured revolving credit facility. The credit facility was arranged by J.P. Morgan Securities. Participating banks are JPMorgan Chase Bank, Royal Bank of Canada and Credit Suisse.
The facility is scheduled to mature in April 2017 and will be available for working capital requirements and general corporate purposes.
Borrowing under the facility is subject to customary terms and conditions for senior secured facilities including, among other things, appraisal of properties subject to the security arrangements of the facility.
Roger A. Cregg, president and CEO, commented, “We are pleased to have obtained this credit facility which will enhance our liquidity and facilitate our ongoing growth strategy.”
AV Homes is engaged in homebuilding, community development and land sales in Arizona, Florida and North Carolina.