D.R. Horton, Inc. (NYSE:DHI) Files An 8-K Entry into a Material Definitive Agreement

D.R. Horton, Inc. (NYSE:DHI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.

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Entry into a Material Definitive Agreement.

Effective September 25, 2017, D.R. Horton, Inc. (the “Borrower”) and Mizuho Bank, Ltd., as successor Administrative Agent, an Issuing Bank and a Lender (“Mizuho” or “Administrative Agent”) and the Lenders entered into Amendment No. 6 (the “Amendment No. 6”) to the Credit Agreement dated as of September 7, 2012 as amended by, Amendment No. 1, dated as of November 1, 2012, Amendment No. 2, dated as of August 8, 2013, Amendment No. 3, dated as of August 22, 2014, Amendment No. 4, dated as of June 18, 2015 and Amendment No. 5, dated as of August 26, 2015 (as so amended, the “Credit Agreement”).

to the terms of Amendment No. 6, the Administrative Agent and the Lenders party thereto agreed to extend the Revolving Credit Facility Termination Date to September 25, 2022, increase the Aggregate Revolving Credit Commitments to $1,275,000,000, and modify the pricing for outstanding commitments, borrowings and letters of credit under the Revolving Credit Facility, as set forth on the Pricing Schedule that is attached to Amendment No. 6.

to the terms of Amendment No. 6, the Administrative Agent and the Lenders party thereto also agreed to increase the Credit Agreement’s accordion feature to permit the aggregate commitment amount under the Credit Agreement to be increased by up to $637.5 million, subject to certain conditions and availability of bank commitments. Such increase may be in the form of additional Revolving Credit Commitments or Incremental Term Loans.

Prior to Amendment No. 6, the Revolving Credit Facility contained two financial covenants that required the Borrower to maintain a minimum Tangible Net Worth and a Leverage Ratio below a maximum level. to the terms of Amendment No. 6, the minimum Tangible Net Worth covenant was removed from the Credit Agreement and the maximum level permitted under the Leverage Ratio covenant was reset to 1.20 to 1.00.

The description and terms of Amendment No. 6 provided herein are qualified in their entirety by reference to the full and complete terms contained in Amendment No. 6, which is attached to this Form 8-K as Exhibit 10.1 and incorporated by reference herein. Capitalized terms not defined herein are defined in Amendment No. 6 or as provided therein.

Item 1.01.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

All the information set forth above under Item 1.01 is hereby incorporated by reference into this Item 1.01.

Item 1.01.

Financial Statements and Exhibits.


EX-10.1 2 a6thamend-exh101.htm EXHIBIT 10.1 Exhibit Exhibit 10.1AMENDMENT NO. 6AMENDMENT NO. 6,…
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About D.R. Horton, Inc. (NYSE:DHI)

D.R. Horton, Inc. is a homebuilding company. The Company constructed and sold homes in 27 states and 79 markets, as of September 30, 2015. The Company’s segments include its 39 homebuilding divisions, its financial services operations and its other business activities. In the homebuilding segment, the Company builds and sells single-family detached homes and attached homes, such as town homes, duplexes, triplexes and condominiums. The Company’s 39 homebuilding divisions are aggregated into six segments: East Region, South Central Region, Midwest Region, West Region, Southwest Region and Southeast Region. In the financial services segment, the Company sells mortgages and collects fees for title insurance agency and closing services. The Company has subsidiaries that conduct insurance-related operations; construct and own income-producing rental properties; own non-residential real estate, including ranch land and improvements, and own and operate oil and gas-related assets.

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