Century Communities Amends Credit Agreement, Increases Facility to $1.2B

What Happened

• On September 30, 2026, Century Communities, Inc. announced a First Amendment to its Credit Agreement (originally dated November 1, 2024). The amendment increases the aggregate commitments under the facility to $1,200,000,000, adds new lenders, adjusts certain covenant terms, removes a SOFR spread adjustment, and extends the facility termination date for extending lenders to November 1, 2030. The First Amendment is filed as Exhibit 10.1 to the Form 8‑K.

Key Details

• Aggregate commitments increased to $1,200,000,000.
• Facility Termination Date for First Amendment extending lenders extended to November 1, 2030.
• Added lenders: Flagstar Bank, N.A. and Morgan Stanley Senior Funding, Inc.; BMO Bank N.A. designated a Non-Extending Lender.
• Covenant change: tangible net worth requirement amended to not less than approximately $1,766,519,096 plus 50% of net proceeds from equity issuances after June 30, 2026 and 50% of quarterly net income after that date; elimination of a 0.10% credit spread adjustment on SOFR borrowings.

Why It Matters

• The increase to a $1.2 billion credit facility and addition of lenders improves the company’s available liquidity and diversifies its lending group.
• Extending the termination date for extending lenders reduces near-term refinancing pressure for the extended portion of the facility.
• The tangible net worth covenant reset establishes a higher baseline for covenant compliance, which investors should monitor for potential impacts on capital-raising flexibility or future covenant compliance.
• Removing the 0.10% SOFR spread adjustment lowers potential borrowing costs for SOFR-based loans, modestly improving borrowing economics.