Schuler Homes increases
credit line to $350
million for expansion

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By Russ Lynch
rlynch@starbulletin.com

Schuler Homes Inc. has boosted its revolving credit line to $350 million, in what the company says is a move to make capital available for more land and housing development.

In June, the Honolulu-headquartered company that recently expanded into a much bigger operation on the mainland, paid off $57.5 million in notes. At the same time it arranged a $225 million revolving credit arrangement. Now that has been boosted to make a total of $350 million available if the company needs it. Two Hawaii institutions joined in the latest financing, Bank of Hawaii and American Savings Bank, entering a group that included five mainland institutions.

Thomas Connelly, Schuler chief financial officer, said having that amount to draw on if needed will help the company through seasonal supply and demand fluctuations. "We were very pleased," that the banks supported Schuler's aims, Connelly said.

Schuler had been growing on the mainland but took a huge leap forward in April when it merged with California-based Western Pacific Housing.

Now the company says it is among the top 15 home builders in the country, with operations in Arizona, California, Colorado, Hawaii, Washington and Oregon.