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PULTEGROUP, INC.

(PHM)
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PULTEGROUP INC/MI/ : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

07/30/2021 | 03:22pm EDT

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On July 29, 2021, Pulte Mortgage LLC ("Pulte Mortgage"), a wholly-owned subsidiary of PulteGroup, Inc. ("PulteGroup"), entered into a Third Amended and Restated Master Repurchase Agreement (the "Repurchase Agreement") with Comerica Bank, 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 in replacement of a similar agreement that expired on July 29, 2021. The Repurchase Agreement expires on the earlier of (i) July 28, 2022, or (ii) the date when the Buyers' commitments are terminated pursuant to the Repurchase Agreement, by order of any governmental authority, or by operation of law.

The Repurchase Agreement provides for a maximum aggregate commitment of $650 million, subject to certain sublimits, and contains an accordion feature that could increase the maximum aggregate commitment to $700 million based on the Agent obtaining increased committed sums from existing Buyers. The maximum aggregate commitment is initially set at $580 million but contains a series of increases and decreases in order to adjust the borrowing capacity based on seasonal fluctuations in volume. The maximum aggregate commitment is increased to $650 million on December 27, 2021, reduced to $460 million on January 14, 2022, and increased to $550 million on June 27, 2022.

Advances under the Repurchase Agreement carry a Pricing Rate based on the LIBOR Rate plus the Applicable Margin, as defined in the Repurchase Agreement, or the Default Pricing Rate, as defined in the Repurchase Agreement. Amounts outstanding under the Repurchase Agreement are not guaranteed by PulteGroup or any of its subsidiaries that guarantee PulteGroup's senior notes.

The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage. The negative covenants include, among others, certain limitations on transactions involving acquisitions, mergers, the incurrence of debt, sale of assets, and creation of liens upon any of its mortgage notes or mortgages subject to the Repurchase Agreement. Additional covenants include quantitative thresholds related to: (i) Adjusted Tangible Net Worth, (ii) Adjusted Tangible Net Worth Ratio, (iii) Liquidity, and (iv) Net Income, each of which is defined in the Repurchase Agreement.

A copy of the Repurchase Agreement is attached as Exhibit 10.1 hereto and is herein incorporated by reference. The above referenced summary of the material terms of the Repurchase Agreement 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

The information set forth above under Item 1.01 "Entry into a Material Definitive Agreement" is hereby incorporated by reference into this Item 2.03.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

10.1 Third Amended and Restated Master Repurchase Agreement dated as of July 29 , 202 1 , among Comerica Bank, as Agent, Lead Arranger and a Buyer, the other Buyers party hereto and Pulte Mortgage LLC, as Seller

104 Cover Page Interactive Data File (formatted in Inline XBRL)

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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 14 045 M - -
Net income 2021 1 934 M - -
Net cash 2021 103 M - -
P/E ratio 2021 6,56x
Yield 2021 1,16%
Capitalization 12 545 M 12 545 M -
EV / Sales 2021 0,89x
EV / Sales 2022 0,68x
Nbr of Employees 5 249
Free-Float 96,3%
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Number of Analysts 15
Last Close Price 48,34 $
Average target price 68,64 $
Spread / Average Target 42,0%
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Managers and Directors
Ryan R. Marshall President, Chief Executive Officer & Director
Robert T. O'Shaughnessy Chief Financial Officer & Executive Vice President
Bryce F. Blair Non-Executive Chairman
Joseph L. Droulin Chief Information Officer & Vice President
John James Chadwick Chief Operating Officer & Executive Vice President
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