PULTEGROUP, INC. (NYSE:PHM) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On August 14, 2017, Pulte Mortgage LLC (“Pulte Mortgage”), a wholly-owned subsidiary of PulteGroup, Inc., entered into the Fifth Amendment (the “Amendment”) to its Amended and Restated Master Repurchase Agreement ("Repurchase Agreement") with Comerica Bank, as Agent and representative of itself as a Buyer and the other Buyers ("Agent"), and the other Buyers listed therein.
The Amendment extends the Termination Date to August 13, 2018, and adjusts the Maximum Aggregate Commitment to the following amounts:
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$300 million from August 14, 2017 through and including December 25, 2017 |
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$475 million from December 26, 2017 through and including January 11, 2018 (with a $50 million uncommitted accordion feature to allow for a temporary increase up to $525 million) |
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$250 million from January 12, 2018 through and including April 17, 2018 |
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$350 million from April 18, 2018 through and including June 25, 2018 |
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$400 million from June 26, 2018 through maturity |
Additionally, the Adjusted Tangible Net Worth requirement is increased to $70 million, and the Liquidity requirement is increased to $40 million.
A copy of the Amendment is attached as Exhibit 10.1 hereto and is herein incorporated by reference. The above referenced summary of the material terms of the Repurchase Agreement is qualified in its entirety by reference to Exhibit 10.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
10.1 Fifth Amendment to Amended and Restated Master Repurchase Agreement dated August 14, 2017.
PULTEGROUP INC/MI/ ExhibitEX-10.1 2 ex101-fifthamendmenttopmcm.htm EXHIBIT 10.1 Exhibit FIFTH AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENTTHIS FIFTH AMENDMENT TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT (the “Amendment”),…To view the full exhibit click here
About PULTEGROUP, INC. (NYSE:PHM)
PulteGroup, Inc. is a homebuilder operating in the United States. The Company, through Pulte Mortgage LLC, is engaged in mortgage banking operations and title operations. The Company’s subsidiaries are also engaged in the homebuilding business. The Company operates through Homebuilding and Financial Services segments. The Company’s homebuilding business, includes the acquisition and development of land primarily for residential purposes within the United States and the construction of housing on that land. The Company’s brands include Pulte Homes, Del Webb and Centex. The Company, through its brands, offer a range of home designs, including single-family detached, townhouses, condominiums and duplexes. Its Homebuilding Operations segment operates through six geographical segments: Northeast, Southeast, Florida, Midwest, Texas and West. The Company conducts its Financial Services operations, which includes mortgage and title operations, through Pulte Mortgage LLC and other subsidiaries.