New Issue: Technical Olympic USA prices $35 million add-on at 98.5 to yield 10.629%

By Paul A. Harris

St. Louis, April 15 - Technical Olympic USA, Inc. priced a quick-to-market $35 million add-on to its 10 3/8% senior subordinated notes due July 1, 2012 (B2/B-) at 98.5 on Tuesday, according to a syndicate source. The yield is 10.629%.

Citigroup was the bookrunner.

The issuer is a Sugarland Tex.-based homebuilder, serving Texas and Tennessee.

Issuer:	Technical Olympic USA, Inc.
Amount:	$35 million
Security description:	Add-on to 10 3/8% senior subordinated notes due July 1, 2012
Bookrunner:	Citigroup
Maturity:	July 1, 2012
Coupon:	10 3/8%
Price:	98.5
Yield:	10.629%
Spread:	678 basis points
Call features:	Callable on July 1, 2007 at 105.188, then at 103.458, 101.729, declining to par on July 1, 2010 and thereafter
Equity clawback:	Until July 1, 2005 for 35% at 110.375
Settlement date:	April 22, 2003 with accrued interest
Ratings:	Moody's: B2
	Standard & Poor's: B-
Rule 144A Cusip:	878483AF3

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