M.D.C. gets tenders for $237 million of 5.5% notes, 7% notes so far

By Susanna Moon

Chicago, June 22 - M.D.C. Holdings, Inc. said investors had tendered about $173.3 million principal amount of its $350 million 5.5% senior notes due 2013 and $63.7 million principal amount of its $150 million 7% senior notes due 2012 as of the early tender deadline at 5 p.m. ET on June 21.

The company is tendering for up to $250 million of the two series of notes. The 5.5% notes have priority over the 7% notes, and the amount of 7% notes to be accepted will be the cap amount less the tally of 5.5% notes accepted in the offer.

The cash tender offer will continue until 11:59 p.m. ET on July 6. It began on June 8.

For each $1,000 principal amount, the company will pay $1,070 for the 5.5% notes and $1,080 for the 7% notes, including an early tender premium of $30 for those who tendered by the early tender deadline.

Holders will also receive accrued interest.

Holders may no longer withdraw tendered notes.

The Denver homebuilder previously said it intended to use cash on hand to fund the offer.

Citigroup Global Markets Inc. (attn: liability management group at 800 558-3745) is the dealer manager. The depositary and the information agent is Global Bondholder Services Corp. (866 540-1500 or call collect 212 430-3774).

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