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McMillin to price $60 million private placement by end of February
By Paul A. Harris
St. Louis, Mo., Feb. 6 - McMillin Cos., LLC's private placement of $60 million senior secured notes due 2009 (B2) figures to price by the end of the month, an informed source told Prospect News Wednesday. The source identified Credit Suisse First Boston placement agent.
The notes are non-callable for three-and-a-half years.
Proceeds will be used to repay $35 million in high yield bonds which the company issued in 1998 to finance home-building projects and to pay down short term debt, according to the source.
Prior to 1998 McMillin financed using joint ventures, the source said. Bond proceeds from the notes issued in 1998 enabled it to build without having partners.
With the new notes the company is continuing that strategy, according to the source.
The 1998 notes were rated B3, the source said, adding that the company was upgraded to B2 last summer.
McMillion Co. is located in National City, Calif.
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