Levitt units up credit by $80M - South Florida Business Journal:

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The Fort Lauderdale-based home builder reporter the financing in a Thursday Securities and ExchangdeCommission filing. In the filing, Levittr (NYSE: LEV) said its Core Communities unit entered the facilitywith , 15. The company said the fundsz are based on the appraisecd value and other factors relating toabout 2,950 acres in its Tradition development in Port St. Lucie, currently pledged to Transamerica. , a Core Communities guarantees the revolvingcredit facility, Levitr said. The subsidiary owns the 2,95o acres and Levitt said its guarantee is securesd by the mortgage onthe property.
The facilithy includes a cross default provisionwith $48 million of mortgagee notes payable to Transamerica incurre d in connection with the purchase of the property. Advances under the facility bear interest at one month LIBOR plus a spread of 275basis points. Levitt said. The compan noted accrued interest is due and payable monthlu and all outstanding principal is due and payablJune 1, 2011. Levitt said its subsidiary modified its credig agreementwith . The change, made 13, increased the amount available for borrowingto $75 million from $35 It also amended the definition of to exclude liabilities associated with inventory not Shares closed up 22 cents to $11.76.
The 52-weekm high was $25.50 on Jan. 10. The 52-week low was $9.223 on Aug. 10.