MH Firm Restructures LOC

Fleetwood Enterprises Inc., a Riverside, Calif., manufactured housing builder and financing company, has restructured its line of credit.The maximum amount of the line has been reduced from $190 million to $110 million. An amendment to the original agreement allows Fleetwood to make additional capital contributions to its HomeOne Credit finance subsidiary and to enter into a warehouse line of credit to further support the operations of HomeOne. In return, Fleetwood paid a fee of 0.375% of the new commitment amount to the line of credit syndicate, which is lead by Bank of America NA, Charlotte, N.C. "The reduction in the availability reserve immediately improves our liquidity, and the additional flexibility that the amendment provides will help us accomplish such key goals as building our HomeOne finance company," said Boyd R. Plowman, executive vice president and chief financial officer of Fleetwood.