Dream Finders Homes ups revolver to $1.08 billion, extends to 2025

By Rebecca Melvin

Concord, N.H., June 8 – Dream Finders Homes Inc. expanded its senior unsecured revolving credit facility to $1,075,000,000 from a previous $817.5 million, according to an 8-K filing with the Securities and Exchange Commission.

The amended facility allows the facility to expand to a borrowing base of up to $1,575,000,000 through its accordion feature.

In addition, the maturity was extended to June 2, 2025 from June 25, 2024.

Also as part of the June 2 amendment, the interest rate transitions to a SOFR-based rate from a Eurodollar-based rate.

The revolver bears interest at SOFR plus 250 basis points to 360 bps based on the company’s debt-to-capitalization ratio.

There is a facility fee for the unused portion of the facility of 20 bps to 30 bps, also based on the debt-to-capitalization ratio.

BofA Securities, Inc., Western Alliance Bank and Flagstar Bank FSB are joint lead arrangers with BofA Securities as bookrunner.

Bank of America, NA is the administrative agent, the syndication agent is Western Alliance, and the documentation agent is Flagstar Bank.

The homebuilder is based in Jacksonville, Fla.

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