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LGI Homes talks $400 million five-year senior notes to yield 8¾%-9%; pricing Friday
By Paul A. Harris
Portland, Ore., Nov. 16 – LGI Homes, Inc. talked its $400 million offering of senior notes due 2028 (current ratings Ba2/BB-) to yield 8¾% to 9%, according to a syndicate source.
Official talk comes tight to initial guidance in the 9% area.
Books close at 11 a.m. ET on Friday, and the deal is set to price thereafter.
The Rule 144A and Regulation S for life five-year notes become subject to an initial call after two years at par plus 50% of the coupon.
Wells Fargo Securities LLC is the left bookrunner. BofA Securities Inc., BMO Capital Markets Corp., Citizens Capital Markets Inc., Fifth Third Securities Inc. and U.S. Bancorp Investments Inc. are the joint bookrunners.
Wedbush Securities Inc., Regions Securities LLC and WauBank are the co-managers.
The home builder, which has headquarters in The Woodlands, Tex., plans to use the proceeds to pay down its revolving credit facility.
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