U.S. Bank, Others Arrange M.D.C. Holdings $450MM Facility
M.D.C. Holdings announced it entered into a new five-year, $450 million unsecured revolving credit facility. U.S. Bank, Citibank, SunTrust Robinson Humphrey and PNC Capital Markets acted as joint lead arrangers and joint bookrunners for the facility. U.S. Bank acted as designated agent and co-administrative agent, Citibank acted as co-administrative agent, and SunTrust Bank and PNC Bank served as co-syndication agents. The other lenders are Bank of the West, Regions Bank, Zions First National Bank and Vectra Bank Colorado.
The new facility permits an increase in the maximum commitment amount to as much as $1 billion, subject to receipt of additional commitments from existing or additional participant lenders.
“We are pleased with the closing of our new credit facility,” said Larry A. Mizel, MDC’s chairman and CEO. “This credit facility increases our overall liquidity and provides MDC with additional financial flexibility to take advantage of opportunities to grow our business as the housing market continues to recover.”
John M. Stephens, MDC’s SVP and CFO, added, “This commitment is a testament of the confidence that our lender group has in our industry and in our ability to successfully execute a disciplined operating strategy.