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New Home to price $325 million long five-year notes on Wednesday; early guidance 8¾%-9% area
By Abigail W. Adams
Portland, Me., March 25 – New Home Co. Inc. plans to price $325 million of long five-year senior notes (B2/B-) on Wednesday with early guidance for a yield in the 8¾% to 9% area, according to a market source.
The notes are non-callable for 2½ years.
J.P. Morgan Securities LLC is lead left bookrunner for the Rule 144A and Regulation S offering.
Proceeds will be used to refinance the company’s 7¼% senior notes due 2025 and 8¼% senior notes due 2027.
New Home is an Irvine, Calif.-based homebuilder.
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