New Issue: WCI Communities $200 million 10-year notes yield 9 1/8%

By Paul A. Harris

St. Louis, Mo., April 18 - WCI Communities, Inc. sold $200 million of senior subordinated notes due May 1, 2012 (B1/B), pricing them Thursday at par to yield 9 1/8%, according to a syndicate source.

Price talk was 9 1/8%-9 3/8%.

UBS Warburg ran the books. Co-managers were Credit Suisse First Boston, Deutsche Bank Securities and Fleet Securities.

The Bonita Springs, Fla.-based homebuilder's Rule 144A notes are non-callable for five years. The proceeds will be used to repay debt.

Issuer: WCI Communitites, Inc.

Amount: $200 million

Maturity:	May 1, 2012
Type:	Senior subordinated notes
Manager:	UBS Warburg
Co-managers:	Credit Suisse First Boston, Deutsche Bank Securities, Fleet Securities
Coupon:	9 1/8%
Price:	Par
Yield:		9 1/8%
Price talk:	9 1/8%-9 3/8%
Spread:	390 basis points over the 5½% Treasury due Feb. 15, 2012
Call features:	Callable on May 1, 2007 at 104.563, 103.042, 101.521, par on May 1, 2010 and thereafter
Equity clawback:	Until May 1, 2005 for 35% at 109.125
Settlement date:	April 24, 2002
Payment dates:	May 1 and Nov. 1 commencing Nov. 1, 2002
Ratings:	Moody's: B1
	Standard & Poor's: B
Rule 144A CUSIP:	92923CAF1

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