KB Homes $250 million notes talked at 8% area, pricing Friday

By Paul A. Harris

St. Louis, Jan. 16 - Price talk is 8% area on KB Homes' offering of $250 million senior subordinated notes due 2010 (Ba3/BB-), according to a syndicate source.

The deal, marketed Thursday afternoon in a conference call with investors, will price Friday morning, the source added.

UBS Warburg is the bookrunner.

The off-the-shelf notes are non-callable for four years.

Proceeds will be used to repay debt including $125 million of 9 5/8% subordinated notes due 2006 and for general corporate purposes.

The issuer is a single-family homebuilder headquartered in Los Angeles.

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