Skip to main content

Landsea Homes Announces New Unsecured Credit Facility

Written by Customer Service on . Posted in Public Companies.

NEWPORT BEACH, Calif., Oct. 07, 2021 (GLOBE NEWSWIRE) — Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the “Company”), a publicly traded residential homebuilder, announced today that the Company has established a $500 million unsecured revolving credit facility with an accordion feature that permits increases in borrowing capacity under the revolving credit facility up to an additional $350 million subject to certain conditions. Western Alliance Bank and BofA Securities, Inc., (Bank of America) served as Joint Lead Arrangers and Joint Bookrunners. The Company plans to use the new facility to refinance its current outstanding debt obligations and grow its existing operations.

“Today marks an important milestone in our company’s evolution,” said John Ho, Chief Executive Officer and Director, Landsea Homes. “While we have generated significant growth over the last several years, the secured nature of our debt financing has always been a challenge for our company. This new unsecured credit facility, allows us to refinance our existing secured debt obligations, lower our interest costs and scale our operations in a more efficient manner.”

Since its inception in 2013, Landsea Homes has sought to design and build best-in-class homes and sustainable master-planned communities in some of the nation’s most desirable markets. Through organic expansion, the strategic acquisition of private homebuilders and a focus on providing the entry level housing market with homes that meet the highest standards in sustainable building, home automation and smart home technology, Landsea Homes intends to continue to gain market share and generate significant growth. In its most recent second quarter, the Company generated year-over-year revenue growth of 163% and increased its quarter-ending unit backlog by 40% as compared to last year.

“Having this unsecured revolving credit facility in place is a game changer for our company,” said Mike Forsum, President and Chief Operating Officer, Landsea Homes. “We believe this will provide us with the means to act more quickly on opportunities when they arise and compete more effectively for land deals, thanks to the lower cost of capital. We are excited to work with our new lenders and look forward to growing the relationship in the years to come.”

For more information on Landsea Homes, visit: www.landseahomes.com.

Forward-Looking Statements

Portions of this press release may contain “forward-looking statements” within the meaning of the federal securities laws. Landsea homes cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. These risks and uncertainties include, but are not limited to, the risk factors described by Landsea Homes in its filings with the Securities and Exchange Commission. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place any undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events of otherwise, except as may be required under applicable securities laws. Additionally, reconciliations of non-GAAP financial measures referenced in this press release to the most comparable GAAP measures can be accessed through Landsea Homes’ website and in its SEC filings.

Investor Relations Contact:

Drew Mackintosh, CFA
Mackintosh Investor Relations, LLC
drew@mackintoshir.com
(512) 243-5009

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.