Forestar Group Inc. Enters into Amendment of the Credit Agreement; Announces Executive Changes
May 12, 2017 at 05:03 pm EDT
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On May 8, 2017, Forestar Group Inc. exercised its option to extend the maturity date of its third amended and restated Revolving credit agreement with KeyBank National Association and other financial institutions party thereto by one year to May 15, 2018. On May 12, 2017, the company entered into an amendment of the credit agreement. The purpose of the amendment was to: reduce the available revolving commitment from $125,000,000 to $50,000,000, and conform the letters of credit sublimit to the reduced revolving commitment of $50,000,000.
On May 9, 2017, the company announced that Sabita C. Reddy, principal accounting officer and vice president - accounting, will retire effective June 30, 2017. Upon Ms. Reddy's retirement, the responsibilities of principal accounting officer will be assumed by Charles D. Jehl, chief financial officer of the company.
Forestar Group Inc. is a residential lot development company. The Company is focused primarily on making investments in land acquisition and development to sell finished single-family residential lots to homebuilders. The Company operates through its real estate segment. The real estate segment primarily acquires land and installs infrastructure for single-family residential communities, and its revenues generally come from sales of residential single-family finished lots to local, regional and national homebuilders. Its real estate segment conducts a range of project planning and management activities related to the entitlement, acquisition, community development and sale of residential lots. The Company has operations in over 52 markets and approximately 20 states and its lot position consisted of 90,100 residential lots, of which approximately 61,800 were owned and 28,300 were controlled through purchase contracts.
FORESTAR GROUP INC. 
