Kaufman & Broad buys €146.8 million 8¾% notes in tender

By Susanna Moon

Chicago, July 11 - Kaufman & Broad SA said investors tendered €146,784,000 of its 8¾% senior notes due 2009, or 97.86% of the outstanding amount.

The company paid €163,104,140.67, including accrued interest.

On July 3, the company priced the tender at 107.35% of the principal amount if tendered before 11 a.m. ET on June 21 or 103.85% for notes tendered after the deadline.

Kaufman & Broad said on July 11 that it received consents from holders of a majority of its 8¾% notes.

The company obtained enough consents to amend the note indenture to eliminate some covenants relating to the incurrence of debt and liens, making some payments, engaging in transactions with affiliates, and some transfers concerning the company's subsidiaries.

The tender offer was subject to conditions including the receipt of tenders from holders of a majority of the notes and the closing of Financiere Gaillon 8's acquisition of a majority of Kaufman & Broad's share capital.

The tender offer began on June 7.

Paris-based Kaufman & Broad is a construction company focused on residential and office properties.

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