(Corrects spelling of analyst's first name to Vicki from
NEW YORK, July 1 D.R. Horton Inc (DHI.N), a
Texas-based builder, said on Tuesday its credit line with
Wachovia Corp WB.N has been reduced to $1.65 billion after
renegotiating the facility for the fifth time since 2005.
The latest change, effective June 26, is the second this
year. D.R. Horton entered into the unsecured revolving credit
agreement with Wachovia in December 2005, according to a filing
with the U.S. Securities and Exchange Commission.
The Fort Worth-based builder had to renegotiate yet again
because it couldn't meet its obligations under the previous
facility of $2.25 billion, said analyst Vicki Bryan of research
firm Gimme Credit.
"What people might not be realizing is that banks are
really stepping back as far as D.R. Horton's access to credit,"
Banks have been tightening credit to builders to reduce
their exposure to the U.S. housing slump which is deemed by
many as the worst since the Great Depression.
D.R. Horton's shares fell 5 cents, or 0.46 percent, to
$10.90 at mid-afternoon on the New York Stock Exchange.
(Reporting by Helen Chernikoff, editing by Richard Chang)