Orleans Homebuilders of Bensalem has reached a tentative agreement with its lenders to extend its $375 million credit facility, which was to mature Dec. 20.
Orleans said it anticipated that the terms, which include a two-year maturity extension, would be formalized by Jan. 29.
The company said it expected to be required to have "significant" sales of land, although it expected to be left with several years' worth of land for development.
Orleans and some of its lenders have agreed, in principle, on a limited waiver and temporary amendment of the credit facility. This agreement should allow Orleans to borrow under the credit facility until Jan. 29, and to extend letters of credit to Feb. 26.
In October, Orleans received an extension of about a month on its revolving credit loan agreement.
- Alan J. Heavens