M.D.C. Holdings Announces New $450 Million Credit Facility
DENVER, Dec. 16, 2013
DENVER, Dec. 16, 2013 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE: MDC) today
announced that it has entered into a new five-year $450 million unsecured
revolving credit facility. 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 Chief Executive Officer. "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 Senior Vice President and Chief Financial Officer,
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. We look forward to strengthening the valuable
relationships with our lenders as we strive to improve our market position and
enhance our operating returns."
U.S. Bank National Association, Citibank, N.A., SunTrust Robinson Humphrey,
Inc. and PNC Capital Markets LLC acted as joint lead arrangers and joint book
runners for the facility with U.S. Bank National Association acting as
designated agent and co-administrative agent, Citibank, N.A. acting as
co-administrative agent, and SunTrust Bank and PNC Bank, National Association,
acting as co-syndication agents. The other lenders are Bank of the West,
Regions Bank, Zions First National Bank, and Vectra Bank Colorado, NA.
Since 1972, MDC's subsidiary companies have built and financed the American
dream for more than 175,000 homebuyers. MDC's commitment to customer
satisfaction, quality and value is reflected in each home its subsidiaries
build. MDC is one of the largest homebuilders in the United States. Its
subsidiaries have homebuilding operations across the country, including the
metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas,
Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Francisco Bay
Area, Washington D.C., Baltimore, Philadelphia, Jacksonville, Orlando, South
Florida and Seattle. The Company's subsidiaries also provide mortgage
financing, insurance and title services, primarily for Richmond American
homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance
Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C.
Holdings, Inc. is traded on the New York Stock Exchange under the symbol
"MDC." For more information, visit www.mdcholdings.com.
SOURCE M.D.C. Holdings, Inc.
Contact: Robert N. Martin, Vice President of Finance and Corporate Controller,
(720) 977-3431, firstname.lastname@example.org
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