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Century Communities, Inc. amended its credit agreement on September 30, 2026, increasing aggregate lender commitments to $1.2 billion. The homebuilder disclosed the change in a Form 8-K filed with the SEC on October 1. The amendment also adds two lenders, extends the maturity for participating lenders, removes a SOFR pricing adjustment and revises a tangible-net-worth covenant. The $1.2 billion is a commitments figure, not a report of borrowing or cash received.
What Century Communities changed
The company’s October 1, 2026 Form 8-K describes a First Amendment to its Credit Agreement, originally dated November 1, 2024. The amendment was entered into September 30. Century Communities filed under Items 1.01 and 2.03, covering a material definitive agreement and a direct financing arrangement. Its summary is qualified by the full amendment, filed as Exhibit 10.1.
| Term | Amended provision |
|---|---|
| Aggregate commitments | $1,200,000,000 in lender commitments, as disclosed by Century Communities in its October 1, 2026 SEC Form 8-K. This is not a stated amount borrowed or outstanding. |
| Lenders | Flagstar Bank, N.A. and Morgan Stanley Senior Funding, Inc. joined as 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 filing does not say that every lender’s commitments mature on that date. |
| SOFR pricing adjustment | The 0.10% credit spread adjustment for SOFR-based borrowings was eliminated. The filing does not quantify resulting savings or forecast borrowing. |
| Tangible-net-worth covenant | Minimum required tangible net worth is approximately $1,766,519,096, plus 50% of net proceeds from equity issuances after June 30, 2026, plus 50% of Century Communities’ and its subsidiaries’ quarterly net income after June 30, 2026. |
Schedules and exhibits were also amended or restated. The agreement identifies U.S. Bank National Association as administrative agent. Some annexes, schedules and exhibits were omitted from the public filing under Regulation S-K Item 601(a)(5); Century Communities said it would furnish omitted materials to the SEC confidentially upon request.
What the $1.2 billion commitment means
Aggregate commitments describe the lenders’ commitments under the agreement, not the amount Century Communities has drawn. The Form 8-K and amendment do not establish outstanding borrowings, expected facility use, a net change in liquidity or the amount of cash available to the company. A commitment should therefore not be treated as new cash on hand.
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Which lenders have the extended maturity
The November 1, 2030 Facility Termination Date applies to commitments held by lenders defined in the amendment as “First Amendment Extending Lenders.” BMO Bank N.A. is identified separately as a “Non-Extending Lender.” The date should not be generalized to all commitments or lenders.
What changed in pricing and the covenant
SOFR-based pricing
The amendment removes the 0.10% credit spread adjustment that had applied to SOFR-based borrowings. This is a change to a contractual pricing term. The SEC filing does not calculate the company’s interest savings, specify future borrowing levels or provide an earnings or cash-flow impact.
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Tangible-net-worth requirement
The amended minimum covenant starts at approximately $1.7665 billion, then adds half of qualifying equity issuance net proceeds after June 30, 2026, and half of quarterly net income earned after that date by Century Communities and its subsidiaries. This is the agreement’s threshold formula—not a reported balance for the company, a measure of covenant headroom or an amount that can be calculated without the relevant period-specific figures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the filing does not establish
- How much Century Communities has borrowed under the agreement or whether it has drawn funds.
- How much of the commitment is available at any particular time, or the full draw conditions beyond those in the complete agreement.
- The amendment’s net effect on liquidity, interest expense, earnings or cash flow.
- A rationale for the amendment or evidence that it signals financial distress or a particular growth plan.
The SEC Form 8-K provides the issuer’s disclosure, while Exhibit 10.1 contains the executed amendment’s contractual terms. Secondary coverage published October 1, 2026, corroborates the principal terms but does not establish borrowing, usage or realized savings.
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