Century Communities Enters New Agreements, Terminates Others

TL;DR

Century Communities just signed a new deal and ditched an old one, creating new financial obligations.

AI Summary

On November 1, 2024, Century Communities, Inc. entered into a material definitive agreement and simultaneously terminated another. The company also created a direct financial obligation. Specific details regarding the nature of these agreements and obligations are not fully disclosed in this initial filing.

Why It Matters

This filing indicates significant changes in Century Communities' contractual and financial obligations, which could impact its future operations and financial health.

Risk Assessment

Risk Level: medium — The filing indicates material definitive agreements and new financial obligations, suggesting potential shifts in the company's strategic or financial landscape.

Key Players & Entities

• Century Communities, Inc. (company) — Registrant
• November 1, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 8390 East Crescent Parkway, Suite 650 Greenwood Village, Colorado 80111 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share CCS The New York Stock Ex
• $800 million — ured revolving credit facility of up to $800 million. The Credit Agreement provides the Com
• $900 million — cility (the "Credit Facility") of up to $900 million. The Credit Facility includes a $250 mi
• $250 million — million. The Credit Facility includes a $250 million sublimit for letters of credit. Subject
• $400 million — dit Facility by an amount not exceeding $400 million. If the existing lenders elect not to p
• $414 million — of business. As of September 30, 2024, $414 million was outstanding under the Prior Credit
• $1.75 b — not less than the sum of approximately $1.75 billion, plus 50% of the net proceeds of
• $40 million — , 2024, (iv) liquidity of not less than $40 million as of the last day of any fiscal quarte

Filing Documents

• ef20037977_8k.htm (8-K) — 40KB
• ef20037977_ex10-1.htm (EX-10.1) — 874KB
• 0001140361-24-045029.txt ( ) — 1224KB
• ccs-20241101.xsd (EX-101.SCH) — 4KB
• ccs-20241101_lab.xml (EX-101.LAB) — 21KB
• ccs-20241101_pre.xml (EX-101.PRE) — 16KB
• ef20037977_8k_htm.xml (XML) — 4KB

01

Item 1.01. Entry into a Material Definitive Agreement. On November 1, 2024, Century Communities, Inc. (the "Company") entered into a Credit Agreement (the "Credit Agreement") with the lenders party thereto, U.S. Bank National Association, as Administrative Agent, U.S. Bank National Association, BofA Securities, Inc., JPMorgan Chase Bank, N.A., Fifth Third Bank, National Association and PNC National Association, as Joint Lead Arrangers, Bank of America, N.A., JPMorgan Chase Bank, N.A. and BMO Bank N.A., as Co-Syndication Agents, Fifth Third Bank, National Association, PNC Bank, National Association and Zions Bancorporation, N.A. dba Vectra Bank Colorado, as Co-Documentation Agents, and U.S. Bank National Association, as Sole Book Runner. The Credit Agreement supersedes and replaces the Second Amended and Restated Credit Agreement, dated as of May 21, 2021, by and among the Company, the lenders party thereto, Texas Capital Bank, National Association, as Administrative Agent and L/C Issuer, and Texas Capital Bank, National Association, BBVA USA, BofA Securities, Inc., Fifth Third Bank, National Association and U.S. Bank National Association, as Joint Lead Arrangers and Joint Book Runners, and Wells Fargo Bank, N.A., as Syndication Agent, as modified and supplemented subsequent to the date thereof (the "Prior Credit Agreement"), which provided for a senior unsecured revolving credit facility of up to $800 million. The Credit Agreement provides the Company with a senior unsecured revolving credit facility (the "Credit Facility") of up to $900 million. The Credit Facility includes a $250 million sublimit for letters of credit. Subject to the terms and conditions of the Credit Agreement, the Company is entitled to request an increase in the size of the Credit Facility by an amount not exceeding $400 million. If the existing lenders elect not to provide the full amount of a requested increase, the Company may invite one or more other lender(s) to become a party to the C

02

Item 1.02. Termination of a Material Definitive Agreement. As mentioned above, the Credit Agreement supersedes and replaces the Prior Credit Agreement.

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information described above under "Item 1.01. Entry into a Material Definitive Agreement" is incorporated herein by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1* Credit Agreement, dated as of November 1, 2024, by and among Century Communities, Inc., the lenders party thereto, U.S. Bank National Association, as Administrative Agent, Bank of America, N.A., JPMorgan Chase Bank, N.A. and BMO Bank N.A., as Co-Syndication Agents, Fifth Third Bank, National Association, PNC Bank, National Association and Zions Bancorporation, N.A. dba Vectra Bank Colorado, as Co-Documentation Agents, and U.S. Bank National Association, as Sole Book Runner, and U.S. Bank National Association, BofA Securities, Inc., JPMorgan Chase Bank, N.A., Fifth Third Bank, National Association and PNC National Association, as Joint Lead Arrangers (filed herewith) 104 The cover page from this current report on Form 8-K, formatted in Inline XBRL * Certain annexes, schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish supplementally a copy of any omitted attachment to the Securities and Exchange Commission on a confidential basis upon request.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: November 1, 2024 CENTURY COMMUNITIES, INC. By: /s/ J. Scott Dixon Name: J. Scott Dixon Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR