Capital One closed a new four-year credit agreement for Legacy Housing, increasing the company’s borrowing base from $45 million to $70 million. In addition, the new credit facility allows Legacy Housing to borrow at a lower interest rate of one-month LIBOR plus 2.00%.
“We are delighted to continue our strong relationship with Capital One,” Cornelius (Cork) Van Den Handel, CFO of Legacy Housing, said. “The new agreement will provide the company with operational liquidity at extremely competitive rates, and provides room for the continued growth of our business and financial flexibility.”
Legacy Housing builds, sells and finances manufactured homes and “tiny houses” that are distributed through a network of independent retailers and company-owned stores and are sold directly to manufactured housing communities.
