UCP to retire 8˝% senior notes due 2017 via $200 million new issue

By Susanna Moon

Chicago, Oct. 14 – UCP, Inc. plans to repurchase or repay its 8˝% senior notes due 2017 using proceeds of a new issue.

UCP, LLC, the company’s primary operating subsidiary, and UCP Finance Corp., a wholly owned finance subsidiary, plan to price a private offering of $200 million principal amount of senior notes due 2021, according to a company announcement.

Proceeds of the offering will be used to repurchase or repay substantially all of the outstanding debt of UCP, Inc. and its subsidiaries, including the 8˝% notes, and for general corporate purposes, including the acquisition and development of land and home construction.

UCP is a San Jose, Calif.-based developer and homebuilder.

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