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TOUSA Settles Transeastern Deal
It has taken almost two years, and will require the home builder to take out $500 million in debt from Citibank, but TOUSA, Inc. is on the verge of acquiring outright the assets of its Transeastern Joint Venture, which in 2005 bought the assets of Transeastern Properties, Inc. The settlement, announced Friday, resolves disputes that occurred between Hollywood, Fla. -based TOUSA and its partners in a joint venture to buy the assets and operations of Transeastern in August, 2005, as well as between TOUSA and lenders who backed the deal.
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TOUSA Seeks 2nd Refinance of Debt Incurred In Transeastern Acquisition
Company, in bankrupcty proceedings, wants approval for an additional $515 million in financing from Citigroup to refinance Transeastern debt into a loan with a 4.5% base interest rate.
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Mega Moves
Tousa buys TransEastern and enters new Florida market in an aggressive strategy to enhance growth and competitiveness.
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