| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers K > Headlines for KB Home > News item |
KB Home upsizes and amends tender offers for three series of notes
By Angela McDaniels
Tacoma, Wash., Feb. 1 - KB Home upsized the tender offers for its $250 million of 5¾% senior notes due 2014, $300 million of 5 7/8% senior notes due 2015 and $450 million of 6¼% senior notes due 2015 and changed some of the terms of the offers, according to a company news release.
The company is now offering to purchase up to $100 million of the 5¾% notes and an amount of the remaining notes, on an equal-priority basis, equal to $340 million minus the amount of 5¾% notes purchased. Previously, it was offering to purchase up to $250 million of the three series of notes.
In addition, KB Home extended the early tender premium deadline for the 5¾% notes to 11:59 p.m. ET on Feb. 15. The early tender premium deadline for the 5 7/8% notes and 6¼% notes remains 5 p.m. ET on Jan. 31.
For each $1,000 principal amount, KB Home will pay $1,010 for the 5¾% notes and par for the other two series. The payouts include an early tender premium of $30 for each note tendered by the early tender premium deadline for that series.
Holders will also receive accrued interest.
The tender offer will end at 11:59 p.m. ET on Feb. 15.
The minimum size of the financing condition has been increased. The offer is now conditioned on the completion of an offering of at least $350 million principal amount of debt securities.
KB Home, a Los Angeles-based homebuilder, priced $350 million of notes due March 15, 2020 on Feb. 1.
Citigroup Global Markets, Inc. (800 558-3745 or 212 723-6106) and Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) are the dealer managers for the tender offer. The information agent is Global Bondholder Services Corp. (866 540-1500 or 212 430-3774).
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.