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New Home talks $325 million 5.5-year notes with 9¼% coupon at par; pricing Wednesday
By Paul A. Harris
Portland, Ore., March 27 – New Home Co. Inc. talked its $325 million offering of senior notes due October 2029 (B2/B-) to price with a 9¼% coupon at par, according to a market source.
The deal is set to price Wednesday afternoon.
Early guidance had the notes coming to yield in the 8¾% to 9% area.
The Rule 144A and Regulation S 5.5-year notes come with 2.5 years of call protection.
J.P. Morgan Securities LLC is leading the notes 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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