S&P rates New Home notes B-

S&P said it assigned its B- issue-level and 3 recovery ratings to the New Home Co. Inc.’s proposed $250 million of senior unsecured notes due 2025. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. S&P rates New Home B-.

Proceeds and cash on hand are expected to be used to fund the redemption of all $292 million of its notes due in 2022 and to pay related fees and expenses.

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