By Paul Deckelman
New York, April 30 - Century Communities, Inc. priced $200 million of 6 7/8% eight-year senior notes (B3/B/) on Wednesday, according to syndicate sources.
High-yield syndicate sources said the notes priced at 99.239 for a yield to worst of 7%.
The issue was brought to market via joint bookrunners BofA Merrill Lynch, J.P. Morgan Securities LLC and FBR Capital Markets.
The deal was first announced on Monday and priced after a short roadshow.
The notes were sold under Rule 144A with registration rights and Regulation S and will have three years of call protection.
The Greenwood Village, Colo.-based homebuilder said that proceeds from the bond sale will be used to repay all outstanding debt under its existing revolving credit facility and for the acquisition and development of land. Any remaining proceeds will go for general corporate purposes.
| Issuer: | Century Communities, Inc.
|
| Amount: | $200 million
|
| Maturity: | May 15, 2022
|
| Securities: | Senior notes
|
| Joint bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, FBR Capital Markets
|
| Coupon: | 6 7/8%
|
| Price: | 99.239
|
| Yield to worst: | 7%
|
| Spread: | 455 bps over 1.75% U.S. Treasuries due May 15, 2022
|
| Call protection: | Non-callable until May 15, 2017, other than a make-whole call at Treasuries plus 50 bps, then callable at 105.156
|
| Trade date: | April 30
|
| Settlement date: | May 5
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Roadshow
|
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