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S&P rates KB Home notes B
Standard & Poor’s said it assigned a B rating to KB Home’s proposed $250 million senior unsecured notes due 2023.
The recovery rating is 3, indicating 50% to 70% expected default recovery.
The proceeds will be used to retire $200 million of 6¼% senior notes due June 15, 2015 and for general corporate purposes, S&P said.
Following the retirement of the senior notes due in June 2015, the company will have no material debt maturities until Sept. 15, 2017, the agency said.
The company’s B corporate credit rating and stable outlook are unaffected, S&P added.
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