Woodside talks upsized $50 million tap of 6¾% notes at 100.25

By Paul A. Harris

Portland, Ore., April 24 - Woodside Homes Co., LLC and Woodside Homes Finance Inc. talked an upsized $50 million tack-on to their 6¾% senior notes due Dec. 15, 2021 at 100.25, according to a syndicate source.

The books close at 12:30 p.m. ET Thursday and the deal, which is increased from $40 million, is set to price thereafter.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A and Regulation S for life deal.

The notes become callable after Dec. 15, 2016 at 105.063, and feature a 35% equity clawback at 106.75 until Dec. 15, 2016, and a 101% poison put.

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

The original $220 million issue priced at par on July 25, 2013.

The tack-on notes will be immediately fungible with the original notes.

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