KB Home gets tenders for $243.4 million of three note series so far

By Susanna Moon

Chicago, July 24 - KB Home said investors tendered $243,395,000 of three series of notes by 5 p.m. ET on July 23, the early tender date.

The breakdown for the tendered notes is as follows:

• $117,551,000 of its $193,696,000 of outstanding 5¾% senior notes due 2014;

• $66,788,000 of its $170,007,000 of 5 7/8% senior notes due 2015; and

• $59,056,000 of its $296,297,000 of 6¼% senior notes due 2015.

The Los Angeles-based homebuilder said on July 11 that it is tendering for any and all of the 5¾% notes and up to $150 million, less the amount of 5¾% notes accepted for purchase, of the other two series.

For each $1,000 principal amount, KB Home will pay $1,040 for the 5¾% notes and $1,020 for the other two series. The payouts include an early tender premium of $30 for each $1,000 of notes tendered by the early deadline.

Holders will also receive accrued interest.

The offer will continue until 11:59 p.m. ET on Aug. 7.

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).

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