By Paul Deckelman
New York, July 31 - WCI Communities, Inc. priced $200 million of 6 7/8% senior notes due 2021(B3/B) on Wednesday, according to an informed source.
The bonds priced after a short roadshow, which had begun on Monday.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and BofA Merrill Lynch were the joint bookrunners for the offering.
A source said that the Rule 144A and Regulation S with registration rights transaction priced off the investment-grade desks.
The notes come with three years of call protection.
The Bonita Springs, Fla.-based real estate developer and homebuilder plans to use the proceeds to prepay its senior secured term notes due 2017 at 101 plus accrued and unpaid interest and for general corporate purposes, including the acquisition and development of land and home construction.
| Issuer: | WCI Communities, Inc.
|
| Amount: | $200 million
|
| Description: | Senior notes
|
| Maturity: | 2021
|
| Joint bookrunners | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and BofA Merrill Lynch
|
| Coupon: | 6 7/8%
|
| Call protection: | Three years of call protection
|
| Trade date: | July 31
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Brief roadshow
|
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