D.R. Horton, Inc. Announces New Senior Unsecured Revolving Bank Credit Facility

D.R. Horton, Inc. DHI, America's Builder, announced that it has entered into a five-year $125 million senior unsecured revolving credit facility with The Royal Bank of Scotland plc. The facility has an uncommitted $375 million accordion feature which could increase the facility to $500 million, subject to certain conditions and availability of additional bank commitments. The facility includes a letter of credit sublimit equal to 50% of the revolving credit commitment, for an initial sublimit of $62.5 million. The facility includes financial covenants that currently require the Company to maintain a minimum level of tangible net worth and a leverage ratio below a maximum level. The pricing schedule for outstanding commitments, borrowings and See full press release