New Issue: Stanley-Martin upsized $150 million 10-year notes yield 9¾%

By Paul A. Harris

St. Louis, Aug. 3 - Stanley-Martin Communities LLC priced an upsized $150 million issue of 10-year senior subordinated notes (B3/B-) at par on Wednesday to yield 9¾%, according to an informed source.

The yield came on the tight end of the 9¾% to 10% price talk.

Wachovia Securities ran the books for the Rule 144A with registration rights notes.

Proceeds will be used to refinance existing debt and for general corporate purposes.

The issuer is a private home builder in the Washington, D.C., area and has headquarters in Reston, Va.

Issuer:	Stanley-Martin Communities LLC
Amount:	$150 million (increased from $125 million)
Maturity:	Aug. 15, 2015
Security description:	Senior subordinated notes
Bookrunner:	Wachovia Securities
Coupon:	9¾%
Price:	Par
Yield:	9¾%
Spread:	544 basis points
Call features:	Callable after Aug. 15, 2010 at 104.875, 103.25, 101.625, par on and after Aug. 15, 2013
Equity clawback:	Until Aug. 15, 2008 for 35% at 109.75
Trade date:	Aug. 3
Settlement date:	Aug. 10
Ratings:	Moody's: B3
	Standard & Poor's: B-
Price talk:	9¾%-10%

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