By Paul A. Harris
Portland, Ore., Oct. 14 – New Home Co., Inc. priced a $250 million issue of five-year senior notes (B3/B-) at par to yield 7¼% on Wednesday, according to market sources.
The yield printed at the tight end of the 7¼% to 7½% yield talk. Initial talk was in the 7½% to 7¾% area.
J.P. Morgan Securities LLC was the lead.
The Aliso Viejo, Calif.-based homebuilder plans to use the proceeds, together with cash on hand, to fund the redemption of all of its outstanding 7¼% senior notes due 2022.
| Issuer: | New Home Co., Inc.
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| Amount: | $250 million
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| Maturity: | Oct. 15, 2025
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| Securities: | Senior notes
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| Lead: | JPMorgan
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| Coupon: | 7¼%
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| Price: | Par
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| Yield: | 7¼%
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| Call protection: | Two years
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| Trade date: | Oct. 14
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| Ratings: | Moody's: B3
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| S&P: B-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 7¼% to 7½%
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| Marketing: | Roadshow
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