Weekley Homes gives early results of tenders for 6%, 6 5/8% notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 23 – Weekley Homes, LLC announced the early results of its cash tender offers to purchase any and all of its $200 million outstanding 6% senior notes due 2023 (Cusip: 948565AC0) and any and all of its $231,189,000 outstanding 6 5/8% senior notes due 2025 (Cusip: 94856UAA9), according to a news release.

The company said it took in tenders of $140,769,000, or 70.38%, of the 6% notes and $216,083,000, or 93.47%, of the 6 5/8% notes by the early deadline of the offer at 5 p.m. ET on Sept. 22.

The offer was announced on Sept. 9 along with consent solicitations from holders of both series of notes to effect proposed amendments to the indentures governing the notes.

The company said it received the requisite consents to adopt the proposed amendments to both indentures.

The amendments would eliminate all of the restrictive covenants and related provisions contained in the relevant indenture and shorten the notice period requirement for optional redemptions.

The tender consideration for each $1,000 tendered prior to the early tender date is $1,001.85 for the 6% notes and $1,051.75 for the 6 5/8% notes, plus interest.

The amount includes a $30.00 early tender payment per $1,000 principal amount for each series of notes tendered prior to the early tender deadline. Holders who tender notes after the early deadline will not receive the early tender payment.

The early settlement was expected to occur on Sept. 23.

Each offer and consent solicitation will expire at 11:59 p.m. ET on Oct. 6, unless extended or terminated.

The settlement date for all notes is expected to be Oct. 7.

The company expected to deliver on Wednesday notices of redemption to redeem the remaining notes of both series on Sept. 25 at a price of par for the 6% notes and 104.969 for the 6 5/8%, in each case plus accrued interest.

Credit Suisse Securities (USA) LLC (800 820-1653, 212 325-6340) is the dealer manager.

D.F. King & Co., Inc. (800 252-8173, 212 269-5550; weekleyhomes@dfking.com) is tender agent and information agent.

Weekley Homes is a Houston-based homebuilder.

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