Shea Homes talks $750 million eight-year notes with 8¾% area yield

By Paul A. Harris

Portland, Ore., May 2 - Shea Homes LP and Shea Homes Funding Corp. talked their $750 million offering of eight-year senior secured notes with a yield in the 8¾% area on Monday, according to an informed source.

The books close at noon ET on Tuesday.

Credit Suisse Securities (USA) LLC is the bookrunner for the Rule 144A with registration rights deal.

The notes come with four years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

The Walnut, Calif.-based homebuilder plans to use the proceeds to refinance debt and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.