Line Of Credit And Total Debt Obligations

6 Months Ended

Jun. 30, 2011

Line Of Credit And Total Debt Obligations

Line Of Credit And Total Debt Obligations

12. Line of Credit and Total Debt Obligations

Mortgage Lending. HomeAmerican has a Master Repurchase Agreement (the "Mortgage Repurchase Facility") with U.S. Bank National Association ("USBNA"), which may include other banks that become parties to the Mortgage Repurchase Facility (collectively with USBNA, the "Buyers"). The Mortgage Repurchase Facility has a maximum aggregate commitment of $70 million and includes an accordion feature that permits the maximum aggregate commitment to be increased to $150 million, subject to the availability of additional commitments. The Mortgage Repurchase Facility is accounted for as a debt financing arrangement. Accordingly, at June 30, 2011 and December 31, 2010, amounts advanced under the Mortgage Repurchase Facility, which were used to finance mortgage loan originations, have been reported as a liability in Mortgage Repurchase Facility in the Consolidated Balance Sheets. At June 30, 2011 and December 31, 2010, the Company had $9.0 million and $25.4 million, respectively, of mortgage loans that it was obligated to repurchase under the Mortgage Repurchase Facility.

The Company's senior notes are not secured and, while the senior note indentures contain some restrictions on secured debt and other transactions, they do not contain financial covenants. The Company's senior notes are fully and unconditionally guaranteed on an unsecured basis, jointly and severally, by most of its homebuilding segment subsidiaries.

The Company's debt obligations at June 30, 2011 and December 31, 2010 are as follows (in thousands):

	June 30, 2011		December 31, 2010
7% Senior Notes due 2012	$	149,705	$	149,650
5 1/2% Senior Notes due 2013		349,810		349,748
5 3/8% Medium-Term Senior Notes due 2014		249,351		249,266
5 3/8% Medium-Term Senior Notes due 2015		249,839		249,821
5 3/8% Senior Notes due 2020		244,568		244,330
Total Senior Notes, net		1,243,273		1,242,815
Mortgage repurchase facility		8,988		25,434
Total Debt	$	1,252,261	$	1,268,249

As further described in Note 16, in July 2011 the Company extinguished a combined $237.0 million of the senior notes due in 2012 and 2013.