By Paul A. Harris
St. Louis, June 21 - KB Home priced a $150 million add-on to its 6¼% senior notes due June 15, 2015 (Ba1/BB+) at 100.661 in a quick-to-market Tuesday transaction to yield 6.159%, according to an informed source.
Citigroup ran the books for the registered add-on.
Proceeds will be used to repay debt.
The original $300 million issue priced at 99.051 on May 25, 2005 to yield 6.379%. Following Tuesday's add-on transaction, the total issue size is $450 million.
The issuer is a Los Angeles-based homebuilder.
| Issuer: | KB Home
|
| Amount: | $150 million
|
| Maturity: | June 15, 2015
|
| Security description: | Add-on to its 6¼% senior notes
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| Bookrunner: | Citigroup
|
| Coupon: | 6¼%
|
| Price: | 100.661
|
| Yield: | 6.159%
|
| Spread: | 210 basis points
|
| Call protection: | Non-callable for the life of the bond
|
| Trade date: | June 21
|
| Settlement date: | June 27 with accrued interest
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
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