DENVER, March 22 /PRNewswire-FirstCall/ -- M.D.C. Holdings, Inc. today announced that it has entered into a new credit facility, thereby increasing the aggregate commitment under its existing $1.058 billion unsecured credit facility to $1.250 billion and extending the maturity date by two years to March 21, 2011. In addition, the new facility permits an increase in the maximum commitment amount to $1.750 billion upon the Company's request, subject to receipt of additional commitments from existing or additional participant lenders.
J.P. Morgan Securities, Inc. acted as Sole Arranger and Sole Bookmanager for the new facility. A total of 23 lenders are participating in the facility, with JPMorgan Chase Bank, N.A. as Administrative Agent; Wachovia Bank, National Association as Syndication Agent; BNP Paribas, Citicorp North America, Inc., The Royal Bank of Scotland plc, SunTrust Bank and U.S. Bank National Association as Documentation Agents; Bank of America, N.A. and Guaranty Bank as Senior Managing Agents; California Bank & Trust, Comerica Bank and Washington Mutual Bank, FA as Managing Agents; AmSouth Bank, KeyBank National Association, Mizuho Corporate Bank, Ltd., Natexis Banque Populaires, PNC Bank, National Association and RBC Centura Bank as Co-Agents; and Bank of the West, Calyon New York Branch, City National Bank, Compass Bank, and Fifth Third Bank as additional lenders.
"We are excited that some of the world's strongest financial institutions, through their commitment to MDC's credit facility, continue to show confidence in our industry and in our ability to successfully execute a disciplined operating strategy," said executive vice president and chief financial officer Paris G. Reece III. "This expanded credit facility increases our overall liquidity and should provide MDC with additional financial flexibility to take advantage of opportunities to grow our business, enhance our market positions and improve our operating returns. We look forward to strengthening the valuable relationships with our lenders as we strive to achieve our primary objective of maximizing long-term shareowner value."
MDC, whose subsidiaries build homes under the name "Richmond American Homes," is one of the largest homebuilders in the United States. The Company also provides mortgage financing, primarily for MDC's homebuyers, through its wholly owned subsidiary, HomeAmerican Mortgage Corporation. MDC is a major regional homebuilder with a significant presence in some of the country's best housing markets. The Company is among the top five homebuilders in Colorado, Northern Virginia, suburban Maryland, Phoenix, Tucson, Las Vegas, Jacksonville and Salt Lake City; and among the top ten homebuilders in Northern California and Southern California. MDC also established operating divisions in West Florida, Philadelphia/Delaware Valley, Chicago, Dallas/Fort Worth and Houston. For more information about our Company, please visit RichmondAmerican.com.
MDC is a member of the Public Home Builders Council of America (http://www.phbca.org/), a nonprofit group devoted to improving understanding of the business practices of America's largest publicly-traded home building companies, the competitive advantages they bring to the home building market, and their commitment to creating value for their home buyers and shareowners. The PHBCA's 14 member companies build one out of every five homes in the United States.
