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S&P rates KB Home notes BB-
Standard & Poor's said it assigned a BB- rating with a recovery rating of 4 to KB Home's new $265 million 9.1% senior unsecured notes due 2017.
The outlook remains negative.
KB Home will use the proceeds to fund a tender for up to $250 million of its $350 million 6 3/8% senior unsecured notes due 2011.
The new notes will rank pari passu with KB Home's existing senior unsecured debt but will be governed by a change-of-control covenant that will require KB Home to repurchase the notes for 101% of par amount under certain conditions, the agency noted, and like KB Home's existing senior unsecured notes, the new notes will not be subject to financial covenants.
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