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New Home talks $250 million five-year senior notes at 7½% area; pricing Friday
By Paul A. Harris
Portland, Ore., March 9 – New Home Co. talked its $250 million offering of five-year senior notes (B3/B-) to yield in the 7½% area, according to a syndicate source.
Books close at noon ET on Friday, and the Rule 144A and Regulation S with registration rights offering is set to price thereafter.
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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