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THE PRESLEY COMPANIES ANNOUNCES MODIFICATION OF LOAN COVENANTS

 NEWPORT BEACH, Calif. Sept. 27 /PRNewswire/ -- The Presley Companies (NYSE: PDC) today announced that the company and its lenders have executed an amendment of its Revolving Line of Credit in order to modify several key financial covenants. The amendment to the agreement establishes new covenants regarding minimum net worth and maximum debt to equity ratios. The minimum net worth requirement has been reduced from $125 million to $110 million and the maximum debt to equity ratio has been increased from 3.0-to-1 to 3.25-to-1. As of June 30, 1993, the company's net worth was $126.8 million and its debt to equity ratio was 2.99-to-1.
 The Presley Companies is one of California's oldest and largest homebuilders. It has operations in California, Arizona and New Mexico, with 39 sales locations, including 28 at its master-planned communities and 11 at its other projects.
 -0- 9/27/93
 /CONTACT: David Siegel or Craig Manchester, The Presley Companies, 714-640-6400/
 (PDC)


CO: The Presley Companies ST: California IN: CST SU:

JB-LM -- LA021 -- 6113 09/27/93 17:29 EDT
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Publication:PR Newswire
Date:Sep 27, 1993
Words:176
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