Ashton Woods driving by with $255 million eight-year notes whispered at 9 7/8% area to yield 10%

By Paul A. Harris

Portland, Ore., March 13 – Ashton Woods USA LLC plans to price $255 million of eight-year senior notes (expected ratings Caa1/B-) in a quick-to-market Wednesday trade, according to market sources.

Initial talk has the deal coming with a coupon in the 9 7/8% area, at a discount, to yield 10%, a trader said.

J.P. Morgan Securities LLC is managing the sale.

The notes come with three years of call protection.

Proceeds will be used to fund the tender offer for any and all of the Ashton Woods USA/Ashton Woods Finance Co. $250 million 6 7/8% senior notes due 2021.

Ashton Woods is an Atlanta-based homebuilder.

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