SCOTTSDALE, Ariz., April 9, 2014 (GLOBE NEWSWIRE) -- AV Homes, Inc. (Nasdaq:AVHI) ("AV Homes" or the "Company") a developer and builder of active adult and conventional home communities in Arizona, Florida and North Carolina, today announced it has entered into a three-year, $65 million senior secured revolving credit facility, that is scheduled to mature in April 2017. The facility will be available for working capital requirements and general corporate purposes. The credit facility has been arranged by J.P. Morgan Securities LLC. The participating banks are JPMorgan Chase Bank, N.A., Royal Bank of Canada and Credit Suisse. Borrowing under the facility is subject to customary terms and conditions for senior secured facilities including, among other things, appraisal of properties subject to the security arrangements of the facility.
Roger A. Cregg, President and Chief Executive Officer, commented, "We are pleased to have obtained this credit facility which will enhance our liquidity and facilitate our ongoing growth strategy."
AV Homes, Inc. is engaged in homebuilding, community development and land sales in Arizona, Florida and North Carolina. Its principal operations are conducted near Phoenix, Arizona, Orlando, Florida, and Raleigh/Durham, North Carolina markets. The Company builds communities that serve active adults 55 years and older and people of all ages.
This news release contains "forward-looking statements" within the meaning of the U.S. federal securities laws, which statements may include information regarding the plans, intentions, expectations, future financial performance, or future operating performance of AV Homes, Inc. Forward-looking statements are based on the expectations, estimates, or projections of management as of the date of this news release, the conference call and the webcast. Although our management believes these expectations, estimates, or projections to be reasonable as of the date of this news release, forward-looking statements are inherently subject to significant business risks, economic and competitive uncertainties, or other contingencies which could cause our actual results or performance to differ materially from what may be expressed or implied in the forward-looking statements. Important factors that could cause our actual results or performance to differ materially from our forward-looking statements include those set forth in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2013, and in our other filings with the Securities and Exchange Commission, which filings are available on www.sec.gov. AV Homes disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events and circumstances, except to the extent required by applicable law.