Current Report Filing (8-k)
August 12 2019 - 6:01AM
Edgar (US Regulatory)
false0001574596New Home Co Inc.
0001574596
2019-08-07
2019-08-07
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
August 7, 2019
The New Home Company Inc.
(Exact name of registrant as specified in its charter)
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Delaware
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001-36283
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27-0560089
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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85 Enterprise
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Suite 450
Aliso Viejo
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California
92656
(Address of principal executive offices) (Zip Code)
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949
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382-7800
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.01 par value
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NWHM
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New York Stock Exchange
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 1.01
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Entry into a Material Definitive Agreement
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On August 7, 2019, The New Home Company Inc. (the “Company”) entered into a Second Modification Agreement (the “Modification”) to its Amended and Restated Credit Agreement, dated as of May 10, 2016, as modified by the Modification Agreement dated as of September 17, 2017 (as further modified, supplemented or amended, the “Credit Agreement”). The Modification was entered into by and among the Company, the lenders party to the Credit Agreement and U.S. Bank National Association, d/b/a Housing Capital Company, as administrative agent. The Modification, among other things, (i) extends the maturity date of the revolving credit facility to March 1, 2021, (ii) decreases the total commitments under the facility from $200 million to $130 million and the increase option from $300 million to $200 million, (iii) provides for certain adjustments to the borrowing base calculation commencing January 1, 2020 and (iv) revises the covenant limiting restricted payments to provide for basket limitations and net leverage ratio thresholds on the Company’s stock repurchases, dividend payments, and repurchases of its senior notes, subject to specified exceptions.
The foregoing description is qualified in its entirety by reference to the Modification, a copy of which is filed as an exhibit to this Current Report on Form 8-K and is incorporated by reference herein.
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Item 2.03
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Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The disclosure set forth in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.
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Item 9.01
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Financial Statements and Exhibits.
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10.1
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104
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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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.
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Date: August 9, 2019
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The New Home Company Inc.
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By
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/s/ Miek D. Harbur
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Miek D. Harbur,
VP, General Counsel & Secretary
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INDEX OF EXHIBITS
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Exhibit No.
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Description of Document
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10.1
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104
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Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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