Published on 4/18/2002 in the Prospect News High Yield Daily.
New Issue: WCI Communities $200 million 10-year notes yield 9 1/8%
By Paul A. Harris
St. Louis, Mo., April 18 - WCI Communities, Inc. sold $200 million of senior subordinated notes due May 1, 2012 (B1/B), pricing them Thursday at par to yield 9 1/8%, according to a syndicate source.
Price talk was 9 1/8%-9 3/8%.
UBS Warburg ran the books. Co-managers were Credit Suisse First Boston, Deutsche Bank Securities and Fleet Securities.
The Bonita Springs, Fla.-based homebuilder's Rule 144A notes are non-callable for five years. The proceeds will be used to repay debt.
Issuer: WCI Communitites, Inc.
Amount: $200 million
Maturity: | May 1, 2012
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Type: | Senior subordinated notes
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Manager: | UBS Warburg
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Co-managers: | Credit Suisse First Boston, Deutsche Bank Securities, Fleet Securities
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Coupon: | 9 1/8%
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Price: | Par
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Yield: | | 9 1/8%
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Price talk: | 9 1/8%-9 3/8%
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Spread: | 390 basis points over the 5½% Treasury due Feb. 15, 2012
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Call features: | Callable on May 1, 2007 at 104.563, 103.042, 101.521, par on May 1, 2010 and thereafter
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Equity clawback: | Until May 1, 2005 for 35% at 109.125
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Settlement date: | April 24, 2002
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Payment dates: | May 1 and Nov. 1 commencing Nov. 1, 2002
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Ratings: | Moody's: B1
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| Standard & Poor's: B
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Rule 144A CUSIP: | 92923CAF1
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