New Issue: WCI Communities prices $200 million 10-year notes at par to yield 6 5/8%

By Paul A. Harris

St. Louis, March 3 - WCI Communities Inc. priced a $200 million issue of 10-year senior subordinated notes (Ba3/B+) at par to yield 6 5/8%, according to a syndicate source.

Price talk was in the 6 5/8% area.

UBS Investment Bank and Banc of America Securities were the bookrunners. The co-manager was Comerica.

Proceeds will be used to pay outstanding balances under the company's revolving credit facility.

The Bonita Springs, Fla., company designs, constructs and operates amenity-rich master communities in Florida.

Issuer:	WCI Communities Inc.
Amount:	$200 million
Maturity:	March 15, 2015
Security description:	Senior subordinated notes
Bookrunners:	UBS Investment Bank, Banc of America Securities LLC
Co-manager:	Comerica
Coupon:	6 5/8%
Price:	Par
Yield:	6 5/8%
Spread:	225 basis points
Call features:	Callable after March 15, 2010 at 103.313, 102.208, 101.104, par on and after March 15, 2013
Equity clawback:	Until March 15, 2008 for 35% at 106.625
Trade date:	March 3
Settlement date:	March 10
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Price talk:	6 5/8% area

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