By Paul A Harris
Portland, Ore., March 20 - KB Home priced an upsized $400 million issue of non-callable 4¾% five-year senior notes (B2/B) at par to yield 4.748% on Thursday, according to a syndicate source.
The deal was upsized from $300 million.
The yield printed slightly below the tight end of the 4¾% to 4 7/8% yield talk.
Citigroup Global Markets Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. were the joint bookrunners.
The Los Angeles-based homebuilder plans to use the proceeds for general corporate purposes, including the purchase and development of land.
| Issuer: | KB Home
|
| Amount: | $400 million, increased from $300 million
|
| Maturity: | May 15, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4.748%
|
| Spread: | 304 bps
|
| Call protection: | Non-callable until three months prior to maturity, then callable at par
|
| Trade date: | March 20
|
| Settlement date: | March 25
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | SEC registered
|
| Price talk: | 4¾% to 4 7/8%
|
| Marketing: | Roadshow
|
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