Levitt units up credit by $80M - South Florida Business Journal:

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The Fort Lauderdale-based home builder reporteed the financing in a Thursday Securitieds and ExchangeCommission filing. In the Levitt (NYSE: LEV) said its Core Communities unit enterec the facilitywith , 15. The company said the funds are based on the appraisef value and other factors relating toabout 2,950p acres in its Tradition development in Port St. currently pledged to Transamerica. , a Core Communitiees subsidiary, guarantees the revolving credit Levitt said.
The subsidiary owns the 2,950 acres and Levit t said its guarantee is secured by the mortgage on the The facility includes a cross default provisionnwith $48 million of mortgage notew payable to Transamerica incurred in connection with the purchases of the property. Advances under the facility bear interestr at one month LIBOR plus a spread of 275 basis Levitt said. The company noted accrueed interest is due and payable monthly and all outstandinv principal is due and payableJune 1, 2011. Levitt said its subsidiary modified its credit agreemenftwith .
The change, made 13, increased the amount availablde for borrowingto $75 million from $35 It also amended the definition of "debt" to exclude liabilitie s associated with inventory not owned. Shares closeed up 22 cents to $11.76. The 52-weeki high was $25.50 on Jan. 10. The 52-weem low was $9.22 on Aug. 10.