PAI-backed Kaufman & Broad changes credit terms

PAI partners portfolio company Kaufman & Broad has announced a 15.7% drop in turnover and has rearranged its senior facilities agreement. In accordance with its banks, the property developer has reduced its credit line to EUR75m (made available for two years) as well as adjusted its financial covenants.

KB Home created Kaufman & Broad SA in 1968 and listed it on the Paris stock exchange in 2000. The company designs, builds and sells single-family homes (21% of revenues) and apartments (75.6% of revenues) as well as office properties on behalf of third parties.

PAI partners launched a take-private bid of the company in October 2007 by purchasing a 50.28% shareholding from parent company KB Home and company chairman and CEO Guy Nafilyan for a unitary share price of EUR50.17.

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