Millrose amends credit agreement, expands to $1.835B unsecured facility

Millrose Properties (MRP) announced the closing of an amendment to its credit facility with JPMorgan Chase Bank, N.A. serving as administrative agent, adding a new $500M term loan to expand floating rate unsecured debt capacity under the facility to $1.835B. The amended unsecured facility, replacing the previously secured revolving credit facility, combines the new Term Loan with a $1.335B unsecured revolving credit commitment, providing the Company with increased liquidity and financial flexibility to serve homebuilding partners across the country. Borrowings under the agreement bear interest at a variable rate based on Adjusted Term SOFR plus a margin ranging from 2.00% to 2.50%, depending on the Company’s leverage ratio. The facility matures on March 25, 2030. Proceeds from the credit agreement will be used for general corporate purposes, including refinancing existing indebtedness. In connection with the new agreement, liens under the Company’s prior secured credit facility were released.