Orleans Homebuilders Announces Limited Waiver under Credit Facility
30 Janvier 2009 - 11:09PM
PR Newswire (US)
BENSALEM, Pa., Jan. 30 /PRNewswire-FirstCall/ -- Orleans
Homebuilders, Inc. (AMEX:OHB) announced on January 30, 2009 that it
had received a limited waiver from its lenders under the Company's
Second Amended and Restated Revolving Credit Line Agreement (the
"Credit Facility"). The effect of this waiver is to provide a
period during which certain covenants in the Credit Facility are
waived through and including February 6, 2009, which includes a
waiver of a breach of a covenant related to the Company's
outstanding borrowings exceeding its then available borrowing base.
The Company has been engaged in discussions with its lenders
regarding an amendment to the Credit Facility and has agreed in
principal with certain lenders to the terms of such an amendment.
The terms agreed upon in principal will have the effect of
increasing the Company's ability to borrow under the Credit
Facility and will modify certain covenants through maturity.
Currently, the Company anticipates completing and executing the
formal documentation for that amendment prior to the termination of
the waiver period. While the Company currently anticipates that the
formal documentation for the amendment will be completed and
executed prior to the termination of the waiver period, there can
be no assurance that the Company will be able to do so or be able
to do so on terms acceptable to the Company. Jeffrey P. Orleans,
Chief Executive Officer, stated that "The current homebuilding
environment is a challenging one; however, we are managing through
it. Thanks to the support of our lender group, we obtained this
limited waiver and are in the process of completing an amendment
which will assist us in managing our business appropriately." The
Company currently anticipates having its second quarter earnings
call and filing its Quarterly Report on Form 10-Q for the fiscal
quarter ended December 31, 2008 on or before Monday, February 16,
2009. A formal announcement of the second quarter earnings call
date and time will follow. Orleans Homebuilders, Inc. is a
residential homebuilder with operations in Southeastern
Pennsylvania; Central and Southern New Jersey; Orange County, New
York; Charlotte, Raleigh and Greensboro, North Carolina; Richmond
and Tidewater, Virginia; Chicago, Illinois; and Orlando, Florida.
The Company's Charlotte, North Carolina operations also include
adjacent counties in South Carolina. Forward-Looking Statements
Certain information included herein and in other Company
statements, reports and SEC filings is forward-looking within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements concerning anticipated
amendments to the Company's Credit Facility and the anticipated
execution of formal documentation of an amendment. Such
forward-looking information involves important risks and
uncertainties that could significantly affect actual results and
cause them to differ materially from expectations expressed herein
and in other Company statements, reports and SEC filings. For
example, there can be no assurance that the Company will be able to
successfully negotiate and enter into an amendment to its Credit
Facility prior to the expiration of the waiver period on acceptable
terms or at all. These risks and uncertainties include the
conditions in the credit markets, the reaction of the Company's
lenders to a request for an amendment to the Credit Facility,
local, regional and national economic conditions, the effects of
governmental regulation, the competitive environment in which the
Company operates, fluctuations in interest rates, changes in home
prices, the availability and cost of land for future growth, the
availability of capital, the availability and cost of labor and
materials, our dependence on certain key employees and weather
conditions. Additional information concerning factors the Company
believes could cause its actual results to differ materially from
expected results is contained in Item 1A of the Company's Annual
Report on Form 10-K/A for the fiscal year ended June 30, 2008 and
Quarterly Report filed on Form 10-Q for the fiscal quarter ended
September 30, 2008 filed with the SEC. http://www.orleanshomes.com/
DATASOURCE: Orleans Homebuilders, Inc. CONTACT: Garry P. Herdler,
Executive Vice President & Chief Financial Officer of Orleans
Homebuilders, Inc., +1-215-245-7500 Web Site:
http://www.orleanshomes.com/
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