By Paul A. Harris
Portland, Ore., Nov. 20 – Woodside Homes Co., LLC and Woodside Homes Finance Inc. priced an upsized $35 million tack-on to their 6¾% senior notes due Dec. 15, 2021 (B3/B/) at 98.26 to yield 7.066% on Thursday, according to an informed source.
The quick-to-market deal was upsized from $30 million.
The reoffer price came on top of price talk.
Credit Suisse Securities (USA) LLC was the bookrunner.
The North Salt Lake, Utah-based homebuilder plans to use the proceeds to repay bank debt and for general corporate purposes.
| Issuers: | Woodside Homes Co., LLC and Woodside Homes Finance Inc.
|
| Face amount: | $35 million, increased from $30 million
|
| Maturity: | Dec. 15, 2021
|
| Security description: | Tack-on to 6¾% senior notes due Dec. 15, 2021
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Coupon: | 6¾%
|
| Price: | 98.26
|
| Yield: | 7.066%
|
| Spread: | 503 bps
|
| First call: | Dec. 15, 2016 at 105.036
|
| Trade date: | Nov. 20
|
| Settlement date: | Nov. 25
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 98.26
|
| Marketing: | Quick to market
|
| Original issue: | $220 million priced at par in July 2013
|
| Total issue size: | $255 million
|
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