ALISO VIEJO, Calif.--(BUSINESS WIRE)--The New Home Company Inc. (NYSE: NWHM) (the “Company”) today announced that it has exercised the accordion under its existing $175 million senior unsecured revolving credit facility to increase the total commitment to $200 million. The amended credit facility, which closed on December 17, 2015, has a current maturity date of April 30, 2018.
A total of seven lenders are participating in the facility, with U.S. Bank National Association d/b/a Housing Capital Company acting as administrative agent and lead arranger. The other lenders in the facility are Citibank, N.A., JP Morgan Chase Bank, N.A., Credit Suisse AG, Bank of the West, California Bank & Trust and City National Bank.
John Stephens, Chief Financial Officer, stated, “The expansion of this facility, coupled with the recent capital raised through our follow-on equity offering, provides us with additional liquidity and financial flexibility to continue to pursue our growth objectives. We appreciate the confidence our lender group has shown in our Company, and we look forward to strengthening these valuable relationships as we continue to develop well-located communities in our markets.”
About The New Home Company Inc.
The New Home Company is a new generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major metropolitan areas within select growth markets in California and Arizona, including coastal Southern California, the San Francisco Bay area, metro Sacramento and the greater Phoenix area. The Company is headquartered in Aliso Viejo, California. For more information about the Company and its new home developments, please visit the Company’s website at www.NWHM.com.
Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. Any statements contained herein that do not describe historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others, the risks identified in the Company’s filings with the SEC. Any of these risks and uncertainties could materially and adversely affect the Company’s results of operations, which would, in turn, have a significant and adverse impact on the Company’s stock price. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.