Loading
BONITA SPRINGS — A consortium of lenders led by Citigroup and J.P. Morgan has agreed to lend $75 million to homebuilder and developer WCI Communities.
The unsecured loan includes a feature that would allow WCI Communities to borrow as much as $125 million. Other lenders in the deal include Bank of America and Credit Suisse.
The loan comes shortly after WCI sold $200 million in debt and $91 million in an initial public offering of stock (symbol: WCIC; recent price: $15.20). Those moves will help fuel the company's growth and pay back creditors who shepherded WCI out of bankruptcy reorganization four years ago, according to filings. The company recently reported homebuilding revenues rose 146% in the most recent quarter to $53.8 million compared with the same quarter one year ago, reflecting a recovery in Florida real estate.
“The addition of the revolving credit facility further enhances our capital structure and provides us with the flexibility to continue to execute on our growth strategy,” says Russell Devendorf, WCI's chief financial officer says in a statement. “Together with the recently completed initial public offering and senior notes offering, we have increased our available liquidity by over $235 million.”
You can read a recent story about WCI in the Business Observer.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
