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Newport Merger receives consents to amend New Home change of control
Chicago, Aug. 4 – Newport Merger Sub, Inc. received the required amount of consents to eliminate the change-of-control provision for New Home Co. Inc.’s 7¼% senior notes due 2025, according to a news release on Wednesday.
As of 5 p.m. ET on Aug. 3, consents were delivered and not revoked for $280,908,000, or 98.56% of the outstanding $285 million principal amount of notes. Consents were needed from noteholders representing a majority of the notes.
Newport plans to acquire New Home and the merger would constitute a change of control under the notes. The consent solicitation was conducted to avoid the necessity of a change-of-control offer for the notes.
Noteholders who consented will receive a consent fee of $2.50 per $1,000 principal amount of notes.
Payment of the consent fee will be made “promptly” after the merger closes.
J.P. Morgan Securities LLC (866 834-4666), RBC Capital Markets, LLC (877 381-2099), Credit Suisse Securities (USA) LLC (800 820-1653) and Apollo Global Securities, LLC (212 515-3200) are solicitation agents.
Ipreo LLC (212 849-3880, 888 593-9546 or ipreo-consentSolicitation@ihsmarkit.com) is information and tabulation agent.
New Home is an Irvine, Calif.-based home builder.
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