|
Orleans Homebuilders, Inc. Enters into a $500 Million
Senior Secured Revolving Credit and Letter of Credit Facility
BENSALEM, Pa., Dec 29, 2004 /PRNewswire-FirstCall via COMTEX/ -- On December
22, 2004, Orleans Homebuilders, Inc. (OHB),
a residential homebuilder with operations in Pennsylvania, New Jersey, North
Carolina, South Carolina, Virginia, Florida and Illinois, as guarantor, and
certain of the Company's wholly-owned subsidiaries, as borrowers, entered
into a Revolving Credit Loan Agreement for a $500 Million Senior Secured
Revolving Credit and Letter of Credit Facility. The Revolving Credit
Facility has a three-year term and the maximum amount available under the
Revolving Credit Facility may be increased up to $650 million under certain
circumstances. The Revolving Credit Facility replaces the Company's July 28,
2004 Bridge Loan Agreement with Wachovia Bank, National Association, and a
portion of the funds available under the Revolving Credit Facility were used
to repay substantially all of the indebtedness outstanding under other loans
to the Company and its subsidiaries.
Wachovia Capital Markets, LLC acted as Lead Arranger for the Revolving
Credit Facility, with Wachovia Bank, National Association as Administrative
Agent, Bank of America, N.A. as Syndication Agent, Sovereign Bank,
Manufacturers and Traders Trust Company and National City Bank as
Documentation Agents, and Firstrust Bank, Guaranty Bank, US Bank National
Association, Citizens Bank of Pennsylvania, Commerce Bank, National
Association, Suntrust Bank, Amsouth Bank, Franklin Bank, SSB, Comerica Bank
and Compass Bank as participants.
About Orleans Homebuilders, Inc.
Orleans Homebuilders, Inc. develops, builds and markets high-quality
single-family homes, townhouses and condominiums. The Company serves a broad
customer base including first-time, luxury, move-up, empty nester and active
adult homebuyers. The Company currently operates in the following ten
distinct markets: Southeastern Pennsylvania; Central and Southern New
Jersey; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and
Tidewater, Virginia; Orlando, Florida; and Chicago, Illinois. The Company's
Charlotte, North Carolina operations also include adjacent counties in South
Carolina. To learn more about Orleans Homebuilders, please visit
http://www.orleanshomes.com.
Certain information included herein and in other Company
statements, reports and SEC filings is forward-looking within the meaning of
the Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements concerning anticipated earnings per share, operating
results, financial resources, pace of sales, growth and expansion. Such
forward- looking information involves important risks and uncertainties that
could significantly affect actual results and cause them to differ
materially from expectations expressed herein and in other Company
statements, reports and SEC filings. For example, there can be no assurance
that the current sales pace can continue in the absence of an improvement in
the current general economic environment. These risks and uncertainties
include local, regional and national economic conditions, the effects of
governmental regulation, the competitive environment in which the Company
operates, fluctuations in interest rates, changes in home prices, the
availability and cost of land for future growth, the availability of
capital, the availability and cost of labor and materials, our dependence on
certain key employees and weather conditions.
Additional information concerning factors the Company believes could cause
its actual results to differ materially from expected results is contained
in Item 7 of the Company's Annual Report of Form 10-K for the fiscal year
ended June 30, 2004 filed with the SEC.
SOURCE Orleans Homebuilders, Inc.
|
|
