Dream Finders Homes, Inc. recently announced a significant development in its financial operations. The company has entered into a fourth amendment to its amended and restated credit agreement, dated as of June 6, 2024, with several key financial institutions including Bank of America, N.A., Western Alliance Bank, Flagstar Bank, N.A., Citizens Bank, N.A., Ameris Bank, BMO Bank N.A., and U.S. Bank National Association, among others.
This amendment encompasses various changes to the credit agreement, including amendments to certain terms and provisions. It's noteworthy that Dream Finders Homes, Inc. has paid or will be paying the Florida documentary stamp tax required by law in the amount of $2,450.00, directly to the Department of Revenue. Additionally, the effectiveness of this amendment is subject to the satisfaction of several conditions precedent, including the receipt of necessary certificates, documents, and certifications, and the payment of all fees and other amounts due and payable.
Moreover, the amendment also includes representations and warranties made by the borrower, confirming its power to execute and deliver the amendment and perform its obligations, as well as the absence of any default. Furthermore, the amendment ratifies and confirms all provisions of the loan documents as amended, and binds the parties to the agreement.
This development signifies a notable shift in Dream Finders Homes, Inc.'s financial arrangements and underscores its ongoing efforts to optimize its credit agreements in line with its business operations and financial strategies. The market has reacted to these announcements by moving the company's shares -2.8% to a price of $26.08. Check out the company's full 8-K submission here.
