PulteGroup will close a $250 million revolving credit facility on March 30, 2011, to reduce its operating costs, The Wall Street Journal reports. The Michigan-based builder will realize about $1.3 million in first-quarter charge. The facility is expected to be replaced within 12-18 months. PulteGroup has repaid about $3.1 billion of senior debt and other bond obligations over the last 36 months and has $1.5 billion in cash, giving it liquidity to fund its operations, adds The Associated Press.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from The Associated Press.