Shea Homes plans to refinance with $125 million revolving facility

By Susanna Moon

Chicago, Oct. 22 - Shea Homes LP and Shea Homes Funding Corp. said they plan to obtain a $125 million revolving credit facility pending a consent solicitation to amend their 8 5/8% senior secured notes due 2019.

The proposed amendments would allow the issuers to replace their $75 million letter-of-credit facility with a $125 million revolving credit facility, according to a press release.

The solicitation will end at 5 p.m. ET on Oct. 31.

As of Oct. 22, the largest identified holder of the notes has agreed to consent to the proposed amendments, the company said.

Shea is a Walnut, Calif.-based homebuilder.

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