Relief for Presley Cos.: Banks that lend...

Relief for Presley Cos.: Banks that lend to Presley Cos. have given the Newport Beach home builder a little more breathing room, the company said Monday.

The group of lenders, led by Bank of America, agreed to reduce Presley’s minimum net worth requirement for its revolving line of credit to $110 million from $125 million. At the same time, the banks agreed to let Presley carry slightly more debt without violating terms of its credit agreement.