New Issue: Woodside Homes prices upsized $50 million tap of 6¾% notes at 100.25 to yield 6.694%

By Paul A. Harris

Portland, Ore., April 24 - Woodside Homes Co., LLC and Woodside Homes Finance Inc. priced an upsized $50 million tack-on to their 6¾% senior notes due Dec. 15, 2021 (B3/B) at 100.25 to yield 6.694% on Thursday, according to a syndicate source.

The deal was increased from $40 million.

The reoffer price came on top of price talk.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. were the joint bookrunners.

The North Salt Lake, Utah-based homebuilder plans to use the proceeds for general corporate purposes.

Issuer:	Woodside Homes Co., LLC and Woodside Homes Finance Inc.
Amount:	$50 million, increased from $40 million
Maturity:	Dec. 15, 2021
Security description:	Tack-on to 6¾% senior notes due Dec. 15, 2021
Bookrunners:	Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc.
Coupon:	6¾%
Price:	100.25
Yield to worst:	6.694%
Spread:	473 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:	April 24
Settlement date:	April 29 with accrued interest
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Marketing:	Quick to market
Original issue:	$220 million priced at par on July 25, 2013
Fungibility:	Tack-on notes will be immediately fungible with the original notes
Total issue size:	$270 million

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