Unsecured credit

Landsea Homes Announces New Unsecured Credit Facility

NEWPORT BEACH, Calif., Oct. 07, 2021 (GLOBE NEWSWIRE) — Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the “Company”), a publicly traded residential home builder, today announced that the Company has established a $500 million unsecured revolving credit facility with an accordion feature that allows for increased borrowing capacity under the revolving credit facility up to an additional $350 million subject to certain conditions. Western Alliance Bank and BofA Securities, Inc., (Bank of America) acted as joint lead arrangers and joint bookrunners. The Company plans to use the new facility to refinance its outstanding debts and expand its existing business.

“Today marks an important milestone in the evolution of our business,” said John Ho, CEO and Director of Landsea Homes. “While we have generated significant growth over the past few years, the secure nature of our debt financing has always been a challenge for our business. This new unsecured credit facility allows us to refinance our existing secured debt obligations, reduce our interest costs and expand our operations more efficiently.

Since its inception in 2013, Landsea Homes has sought to design and build premier homes and sustainable planned communities in some of the nation’s most desirable markets. Through organic expansion, the strategic acquisition of private home builders, and the goal of providing the entry-level housing market with homes that meet the highest standards for sustainable construction, home automation, and smart home technology company, Landsea Homes intends to continue to gain market share and generate significant growth. In its most recent second quarter, the company generated year-over-year revenue growth of 163% and increased its unit backlog at the end of the quarter by 40% compared to Last year.

“The establishment of this unsecured revolving credit facility is a game-changer for our business,” said Mike Forsum, President and Chief Operating Officer of Landsea Homes. “We believe this will empower us to act more quickly on opportunities when they arise and compete more effectively for land deals, thanks to the lower cost of capital. We are delighted to work with our new lenders and look forward to developing the relationship in the years to come. »

For more information about Landsea Homes, visit: www.landseahomes.com.

Forward-looking statements

Portions of this press release may contain “forward-looking statements” within the meaning of the federal securities laws. Landsea homes cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. These risks and uncertainties include, but are not limited to, the risk factors described by Landsea Homes in its filings with the Securities and Exchange Commission. Accordingly, forward-looking statements should not be taken as representing our views as of any future date, and you should not place undue reliance on such forward-looking statements in deciding whether or not to invest in our securities. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date on which they were made, whether as a result of new information, future events or otherwise, unless applicable securities laws require it. In addition, reconciliations of the non-GAAP financial measures referenced in this press release to the most comparable GAAP measures are available on Landsea Homes’ website and in its filings with the SEC.

Contact with Investor Relations:

Drew Mackintosh, CFA
Investor Relations Mackintosh, LLC
[email protected]
(512) 243-5009