By Paul A. Harris
St. Louis, Dec. 14 - Technical Olympic USA Inc. priced a quick-to-market $200 million 10-year senior subordinated notes (B2/B-) at par to yield 7½% Tuesday, according to an informed source.
Price talk was 7¼% to 7½%.
Citigroup ran the books for the Rule 144A/Regulation S issue.
Proceeds will be used to repay the company's revolving credit facility and for general corporate purposes.
Technical Olympic is a Hollywood, Fla.-based homebuilder.
| Issuer: | Technical Olympic USA Inc.
|
| Amount: | $200 million
|
| Maturity: | Jan. 15, 2015
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | 338 basis points
|
| Call protection: | Non-callable for life
|
| Equity clawback: | Until Jan. 15, 2008 for 35% at 107.50
|
| Trade date: | Dec. 14
|
| Settlement date: | Dec. 21
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Price talk: | 7¼% to 7½%
|
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