PulteGroup Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
$PHM
Homebuilding
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 14, 2024
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On August 14, 2024 , Pulte Mortgage LLC (“Pulte Mortgage”), a wholly-owned subsidiary of PulteGroup, Inc. ("PulteGroup"), entered into a Second Omnibus Amendment and Joinder to Transaction Documents (the “Amendment”) to its Master Repurchase Agreement (as so amended, the "Repurchase Agreement") dated as of August 16, 2023 with JPMorgan Chase, as Agent and representative of itself as a Buyer and the other Buyers ("Agent"), and the other Buyers listed therein. The purpose of the Repurchase Agreement is to finance the origination of mortgage loans by Pulte Mortgage. The Amendment extends the Repurchase Agreement to the earlier of (i) August 13, 2025, or (ii) the date when the Agents’ commitments are terminated pursuant to the Repurchase Agreement, by order of any governmental authority, or by operation of law.
The Amendment provides for a maximum aggregate commitment of $675 million, subject to certain sublimits, and is subject to an accordion feature in the Repurchase Agreement that could increase the maximum aggregate commitment to $725 million based on the Agent obtaining increased committed sums from existing Buyers. The maximum aggregate commitment is initially set at $675 million and decreases to $650 million on January 14, 2025, which continues until expiration.
A copy of the Amendment is attached as Exhibit 10.1 hereto and is herein incorporated by reference. The above referenced summary of the material terms of the Amendment is qualified in its entirety by reference to Exhibit 10.1.
ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
All the information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
104 Cover Page Interactive Data File (formatted in Inline XBRL)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PULTEGROUP, INC. | |||||||||||||||||
| Date: | August 15, 2024 | By: | /s/ Todd N. Sheldon | ||||||||||||||
| Name: | Todd N. Sheldon | ||||||||||||||||
| Title: | Executive Vice President, General Counsel and Corporate Secretary | ||||||||||||||||