New Home driving by with $35 million tap of 7¼% notes due 2025; early talk 103.75-104.5

By Paul A. Harris

Portland, Ore., Feb. 22 – New Home Co. Inc. plans to price a $35 million add-on to its 7¼% senior notes due 2025 in a Monday drive-by, according to market sources.

Initial price talk is 103.75 to 104.5, a trader said.

J.P. Morgan Securities LLC is the lead.

The Irvine, Calif.-based home builder plans to use proceeds from the Rule 144A and Regulation S add-on for general corporate purposes, including land acquisition, investment in new markets and working capital.

The original $250 million issue price in October 2020.

The add-on notes will become fungible with the original notes.

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