Century Communities, Inc. entered into a First Amendment to its Credit Agreement on September 30, 2026. The amendment modifies the existing credit facility originally dated November 1, 2024, which is governed by a group of financial institutions.
The primary changes to the agreement include an increase in the aggregate commitments to $1,200,000,000. The maturity date for lenders who extend their commitments under the amendment has been extended to November 1, 2030.
Other specific adjustments to the terms include:
- The addition of Flagstar Bank, N.A. and Morgan Stanley Senior Funding, Inc. as new lenders.
- Designating BMO Bank N.A. as a Non-Extending Lender.
- The elimination of a 0.10% credit spread adjustment for borrowings based on SOFR.
- An amendment to the tangible net worth covenant, which now requires the Company to maintain tangible net worth of not less than approximately $1,766,519,096. This amount is calculated as a base figure plus 50% of net proceeds from equity issuances after June 30, 2026, and 50% of quarterly net income after June 30, 2026.
The First Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K.
