Woodside to price $40 million tap of 6¾% notes in Thursday drive-by

By Paul A. Harris

Portland, Ore., April 24 - Woodside Homes Co., LLC and Woodside Homes Finance Inc. plan to price a $40 million tack-on to their 6 ¾% senior notes due Dec. 15, 2021 on Thursday afternoon, according to a syndicate source.

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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