Ashton Woods driving by with $300 million eight-year senior notes; initial talk in 5% area

By Paul A. Harris

Portland, Ore., July 21 – Ashton Woods USA LLC plans to price a $300 million offering of eight-year senior notes (B2/B) in a Wednesday drive-by, according to market sources.

Initial talk has the notes coming to yield in the 5% area.

J.P. Morgan Securities LLC is the lead.

The notes come with three years of call protection.

The issuing entity will be Ashton Woods Finance Co.

The Roswell, Ga.-based home builder plans to use the proceeds to redeem $250 million of its notes, as well as for working capital and general corporate purposes.

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