By Paul A. Harris
Portland, Ore., Dec. 8 – Mattamy Homes priced an upsized $325 million issue of seven-year senior notes (B1/BB) at par to yield 6 7/8% on Thursday, according to a syndicate source.
The issue size was increased from $300 million.
The yield printed at the tight end of yield talk in the 7% area.
Credit Suisse Securities (USA) LLC, RBC Capital Markets Corp. and Wells Fargo Securities LLC were the joint bookrunners.
The notes were issued by subsidiary Mattamy Group Corp.
The Burlington, Ont.-based homebuilder plans to use the proceeds to repay its revolving credit facility.
| Issuer: | Mattamy Group Corp.
|
| Amount: | $325 million, increased from $300 million
|
| Maturity: | Dec. 15, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, RBC Capital Markets Corp., Wells Fargo Securities LLC
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 470 bps
|
| First call: | Dec. 15, 2019 at 103.438
|
| Equity clawback: | 35% at 106.875 until Dec. 15, 2019
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 13
|
| Ratings: | Moody's: B1
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7% area
|
| Marketing: | Roadshow
|
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