New Issue: Woodside Homes prices upsized $220 million notes due 2021 at par to yield 6¾%

By Paul A. Harris

Portland, Ore., July 25 - Woodside Homes Co., LLC and Woodside Homes Finance Inc. priced an upsized $220 million issue of senior notes due Dec. 15, 2021 (Caa1/B/) at par to yield 6¾% on Thursday, according to a syndicate source.

The yield printed on top of yield talk.

Credit Suisse Securities (USA) LLC, Moelis, Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the joint bookrunners for the deal, which was upsized from $200 million.

The North Salt Lake, Utah-based homebuilder plans to use the proceeds to refinance its existing second-lien notes and put cash on its balance sheet.

Issuers:	Woodside Homes Co., LLC and Woodside Homes Finance Inc.
Amount:	$220 million, increased from $200 million
Maturity:	Dec 15, 2021
Securities:	Senior notes
Bookrunners:	Credit Suisse Securities (USA) LLC, Moelis, Citigroup Global Markets Inc., Wells Fargo Securities LLC
Coupon:	6¾%
Price:	Par
Yield:	6¾%
Spread:	441 bps
First call:	Dec. 15, 2016 at 105.063
Equity clawback:	35% at 106.75 until Dec. 15, 2016
Change-of-control put:	101%
Trade date:	July 25
Settlement date:	Aug. 5
Ratings:	Moody's: Caa1
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	6¾% area
Marketing:	Roadshow

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