Orleans Homebuilders (OHB) Amends Credit Facility And Reports Q4 Revenue
Orleans Homebuilders, Inc. (Amex: OHB) announced that on September 30, 2009, the Company entered into the Third Amendment to its Second Amended and Restated Revolving Credit Loan Agreement dated September 30, 2008, effective immediately. The terms of the Third Amendment are substantially similar to the terms of the Second Amendment to the Credit Facility dated August 13, 2009.
Orleans Homebuilders continues to work actively with its bank lending group to obtain an amendment to its existing $375 million Credit Facility and extension of the December 20, 2009 maturity date of the facility, by approximately October 31, 2009 or thereabouts. In light of these ongoing negotiations and uncertainty, the Company also announced today that it did not make the $639,000 quarterly payment due on September 30, 2009 with respect to the $30 million issue of 8.52% trust preferred securities. The Company currently intends to make the $639,000 quarterly payment on its $30 million of trust preferred securities in conjunction with the effectiveness of any amendment and maturity date extension of its Credit Facility that it may obtain.
Orleans reports revenue for the quarter was $83.7 million, which compares to the estimate of $75 million.
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