KB Home announced it has completed an amendment to its revolving credit facility, increasing the borrowing capacity to $800 million from $500 million and extending the maturity date to October 2023 from July 2021. The borrowing capacity can be further increased to $1 billion, subject to additional lender commitments.

“Over the past two years since we last increased our credit facility, we have demonstrated strong execution under our Returns-Focused Growth Plan and improved our key financial performance metrics, including revenues, housing gross profit margin, diluted earnings per share and our debt to capital ratio. This performance enabled us to significantly expand our credit facility again, which we expect will enhance the flexibility of our capital structure, allowing us to productively deploy excess cash while meeting short-term capital needs,” said Jeffrey Mezger, chairman, president and chief executive officer. “We appreciate the support of our banking partners and their confidence in our business.”

Citibank, N.A. is serving as the Administrative Agent and is a lender. Joint Lead Arrangers and Joint Bookrunners are Citibank, N.A., BofA Securities, Inc., Bank of the West, Credit Suisse Securities (USA), LLC, Deutsche Bank Securities Inc., and Wells Fargo Securities, LLC. Syndication Agents are Bank of America, N.A., Bank of the West, Credit Suisse AG, Cayman Islands Branch, Deutsche Bank Securities Inc., and Wells Fargo Bank, N.A., certain of which are also lenders. Additional lenders with commitments under the amended credit facility are Deutsche Bank AG New York Branch, Fifth Third Bank, Texas Capital Bank, N.A., BMO Harris Bank N.A., CIBC Bank USA, MUFG Union Bank, N.A., Regions Bank, and Zions Bancorporation, N.A. dba California Bank & Trust.