By Paul A. Harris
St. Louis, Dec. 7 - KB Home sold $300 million of 10-year senior notes (Ba1/BB+) Tuesday at 98.134 with a 5 7/8% coupon to yield 6 1/8% in a quick-to-market transaction, according to market sources.
Price talk was the 6% area.
Credit Suisse First Boston ran the books.
The Los Angeles-based homebuilder plans to use proceeds to repay bank debt.
| Issuer: | KB Home
|
| Amount: | $300 million
|
| Maturity: | Jan. 15, 2015
|
| Security description: | Senior notes
|
| Bookrunner: | Credit Suisse First Boston
|
| Coupon: | 5 7/8%
|
| Price: | 98.134
|
| Yield: | 6 1/8%
|
| Spread: | 191 basis points
|
| Call protection: | Make-whole call at Treasuries plus 30 basis points
|
| Trade date: | Dec. 7
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Price talk: | 6% area
|
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