NEWPORT BEACH, Calif. -- J. M. Peters Co., a single-family home builder, said it established a $25 million line of credit with Bank One Arizona in addition to a privately placed $100 million bond offering.

Hadi Makarechian, J. M. Peters chairman and chief executive, said proceeds of the private placement will be used to fund home construction and subdivision improvements, pay down $28.9 million of existing debt, and be applied to general corporate purposes including the acquisition of additional building sites in California and Nevada.

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