New Home starts roadshow for $250 million offering of five-year notes

By Paul A. Harris

Portland, Ore., March 6 – New Home Co. started a roadshow on Monday for a $250 million offering of five-year senior notes, according to a syndicate source.

The Rule 144A and Regulation S with registration rights offering is set to price late this week.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and US Bank are the joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon and feature a two-year 35% equity clawback and a 101% poison put.

The Aliso Viejo, Calif.-based homebuilder plans to use the proceeds to repay its existing revolving credit facility and for general corporate purposes.

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