In September 2012, BZH also amended and expanded its secured revolving credit facility from $22 million to $150 million.
The improved liquidity position provides BZH with some cushion as Fitch expects the company will continue to have operating losses and negative cash flow through fiscal 2013.
Based on the latest 12-month closings, BZH controlled 5.
Assuming that the company is able to redeem all of its 2015 notes, BZH will not have any major debt maturities until 2016, when $172.
As of March 31, 2012, BZH had adequate liquidity with unrestricted cash of $257 million.
In addition to the equity offerings, BZH has also negotiated a commitment letter with four financial institutions for a proposed $150 million secured revolving credit agreement, which would replace the company's existing $22 million facility.
Through the first half of fiscal year 2012 (ending March 31, 2012), BZH spent roughly $100 million on land and land development compared with $123.
Based on the latest 12 month closings, BZH controlled 6.