Hovnanian Enterprises

(HOV) - Get Report

said Thursday that it increased its unsecured revolving credit facility to $1.5 billion from $1.2 billion and extended the maturity through June of 2011.

The facility contains an accordion feature under which the aggregate commitment can be increased to $2 billion subject to the availability of additional commitments.

"The expansion of our credit facility provides us with adequate capital and liquidity as we continue to manage our business in an environment of slowing growth," the homebuilder said.

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