DSLD Homes talks $225 million 5.5-year notes at 7 5/8% area yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., Aug. 5 – STL Holding Co. LLC, doing business as DSLD Homes, talked its $225 million offering of 5.5-year senior notes (B3/B) to yield in the 7 5/8% area, according to a market source.

Books close at 2 p.m. ET on Wednesday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

BNP Paribas Securities Corp. is the active bookrunner. Fifth Third Securities Inc. is the passive bookrunner.

The notes become callable after 2.5 years at par plus 50% of the coupon.

The Denham Springs, La.-based home builder plans to use the proceeds to pay off its existing revolving credit facility, subsequent to which a new revolver will be put in place, and to use any remaining proceeds for general corporate purposes.

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