Century Communities raises credit facility to $1.2 billion

Century Communities, Inc. has expanded its borrowing capacity to $1.2 billion following the execution of a First Amendment to its Credit Agreement on September 30, 2026. The move, disclosed in a Form 8-K filed with the Securities and Exchange Commission, signals the homebuilder's intent to maintain flexible financing options through 2030.

The amendment modifies the original Credit Agreement dated November 1, 2024, which involved U.S. Bank National Association as Administrative Agent and a syndicate of lenders including Bank of America, N.A., JPMorgan Chase Bank, N.A., and BMO Bank N.A. Under the new terms, the aggregate commitments under the facility have been increased to $1,200,000,000. This expansion allows the company to access capital on a larger scale than previously available under the initial agreement.

Alongside the increase in total commitments, the amendment introduces new participants to the lending group. Flagstar Bank, N.A. and Morgan Stanley Senior Funding, Inc. have been added as new lenders. Conversely, BMO Bank N.A. has been designated as a Non-Extending Lender, meaning it will not commit to extending its portion of the facility beyond its current terms. The Facility Termination Date for any First Amendment Extending Lender has been extended to November 1, 2030, providing a long-term horizon for the credit facility.

The amendment also adjusts the cost structure of the debt. It eliminates the 0.10% credit spread adjustment that was previously applicable to SOFR-based borrowings. This change directly impacts the interest expense calculations for future draws on the facility.

Furthermore, the tangible net worth covenant has been amended. The required tangible net worth is now set at not less than approximately $1,766,519,096. This baseline is subject to adjustment by adding 50% of the net proceeds from any issuances of equity interests by the company after June 30, 2026, and 50% of the quarterly net income of the company and its subsidiaries for periods after June 30, 2026. These provisions tie the company's financial flexibility to its equity fundraising and operational earnings.

The full text of the First Amendment is filed as Exhibit 10.1 to the Current Report. J. Scott Dixon, Chief Financial Officer of Century Communities, Inc., signed the report on October 1, 2026.