New Issue: Maracay Homes $25 million eight-year notes yield 14%

By Paul A. Harris

St. Louis, Aug. 15 - Maracay Homes Arizona I, LLC sold $25 million of senior subordinated notes due Aug. 15, 2010 at par to yield 14%, according to an informed source.

Price talk was for a yield in the 14% area.

Friedman Billings Ramsey ran the books on the Regulation D offering.

Proceeds will be used to repay debt.

Issuer:	Maracay Homes Arizona I, LLC
Amount:	$25 million
Maturity:	Aug. 15, 2010
Security description:	Senior subordinated notes
Bookrunner:	Friedman Billings Ramsey
Coupon:	14%
Price:	Par
Yield:	14%
Calls:	Callable on Aug. 15, 2006 at 107, with premium declining ratably
Equity clawback:	Until Aug. 15, 2006 for 35% at 112.0
Settlement date:	Aug. 20, 2003
Price talk:	14% area
Distribution:	Regulation D

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