By Paul A. Harris
Portland, Ore., Sept. 14 – Shea Homes LP priced a $300 million issue of 8.5-year senior notes (B1/BB-) at par to yield 4¾% in a Monday drive-by, according to market sources.
The yield printed in the middle of yield talk in the 4¾% area. Initial guidance was 4¾% to 4 7/8%.
J.P. Morgan Securities LLC managed the sale.
The Walnut, Calif.-based homebuilder plans to use the proceeds to refinance its existing senior notes due 2025.
| Issuer: | Shea Homes LP
|
| Amount: | $300 million
|
| Tenor: | 8.5 years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Call protection: | 3.5 years
|
| Trade date: | Sept. 14
|
| Ratings: | Moody’s: B1
|
| S&P: BB-
|
| Price talk: | 4¾% area
|
| Marketing: | Drive-by
|
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