Builder Pulte Terminates Revolving Credit Facility

Date : 03/25/2011 @ 5:01PM
Source : Dow Jones News
Stock : Pultegrp., Inc. (PHM)
Quote : 22.84  -0.05 (-0.22%) @ 4:02PM

Builder Pulte Terminates Revolving Credit Facility

Pulte Homes (NYSE:PHM)
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PulteGroup Inc. (PHM), one of the U.S.'s largest builders, will terminate its $250 million revolving credit facility March 30.

While Michigan-based Pulte will realize a roughly $1.3 million first-quarter charge, the move will save an undisclosed amount of money.

"With $1.5 billion in cash on our balance sheet at year end, we have ample liquidity to fund current operations and near-term growth opportunities," CFO Roger Cregg said in a release. "We would expect to replace the facility in the next 12 to 18 months, but see this action as a way to further reduce operating costs."

-By Dawn Wotapka, Dow Jones Newswires; 212-416-2193; dawn.wotapka@dowjones.com

 
 

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