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Century Communities, Inc. amended its credit agreement on September 30, 2026, increasing aggregate commitments to $1.2 billion. The company disclosed the amendment in an SEC Form 8-K filed October 1. The change also adds two lenders, extends the maturity for certain lenders, removes a SOFR pricing adjustment and revises a tangible-net-worth covenant. The $1.2 billion is a commitment amount—not a report of how much the company has borrowed.
What changed in the credit agreement
The amendment updates the credit agreement Century Communities originally entered into on November 1, 2024. The company’s Form 8-K summarizes the transaction; the executed amendment, filed as Exhibit 10.1, contains the contractual changes. [SEC Form 8-K; Exhibit 10.1]
| Term | Amended provision |
|---|---|
| Aggregate commitments | Increased to $1,200,000,000, according to Century Communities’ October 1, 2026 Form 8-K. |
| Lenders | Flagstar Bank, N.A. and Morgan Stanley Senior Funding, Inc. joined as new lenders. BMO Bank N.A. was designated a “Non-Extending Lender.” |
| Maturity | Commitments held by each “First Amendment Extending Lender” have a Facility Termination Date of November 1, 2030. The date does not describe every lender’s commitments. |
| SOFR pricing adjustment | The 0.10% credit spread adjustment applicable to SOFR-based borrowings was eliminated. |
| Tangible-net-worth covenant | The minimum is approximately $1,766,519,096, plus 50% of net proceeds from equity issuances after June 30, 2026, plus 50% of quarterly net income of Century Communities and its subsidiaries after that date. |
Certain schedules and exhibits were also amended or restated. Century Communities identifies U.S. Bank National Association as the agreement’s Administrative Agent. It filed the 8-K under Items 1.01, for entry into a material definitive agreement, and 2.03, for creation of a direct financial obligation or an obligation under an off-balance-sheet arrangement.
What the $1.2 billion figure means
Aggregate commitments describe the credit lenders have committed under the agreement; they do not establish that Century Communities borrowed $1.2 billion or received that amount in cash. The 8-K and amendment do not state the outstanding borrowing, expected facility use, net change in liquidity or whether the full commitment is currently available. Any availability remains subject to the complete agreement’s terms and conditions.
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Which lenders receive the extended maturity
The amendment distinguishes between “First Amendment Extending Lenders” and BMO Bank N.A., designated the “Non-Extending Lender.” The November 1, 2030 Facility Termination Date applies to commitments held by the extending lenders. It should not be read as a blanket maturity date for every commitment under the facility.
What the pricing and covenant changes establish
SOFR adjustment
The amendment removes the 0.10% credit spread adjustment for SOFR-based borrowings. That is a change to contractual pricing language. The filing does not calculate savings, identify an actual borrowing affected by the change or forecast an earnings or cash-flow impact.
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Tangible-net-worth requirement
The approximately $1.7665 billion base is part of a minimum-net-worth covenant formula, not a disclosure of Century Communities’ current tangible net worth or its distance from the covenant threshold. The formula also adds half of qualifying equity-issuance net proceeds and half of quarterly net income for the company and subsidiaries, with the specified periods beginning after June 30, 2026. The filing does not provide the period-specific figures needed to calculate a current requirement or covenant headroom.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the filing does not say
The disclosed terms do not establish why Century Communities amended the agreement, whether it plans a particular draw or investment, or whether the amendment signals financial distress or a specific growth plan. The company’s summary is qualified by the complete amendment. Some annexes, schedules and exhibits were omitted from the public filing under Regulation S-K Item 601(a)(5); the company agreed to furnish omitted materials confidentially to the SEC upon request.
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