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Empire Communities offers $400 million, C$150 million secured notes
By Paul A. Harris
Portland, Ore., Dec. 4 – Empire Communities Corp. plans to sell five-year senior notes (B-/B-) in tranches sized at $400 million and C$150 million, according to a market source.
The notes in both tranches are in the market with early guidance of 7¾% to 8%.
J.P. Morgan Securities LLC is leading the U.S. dollar-denominated tranche. RBC Capital Markets is leading the Canadian dollar-denominated tranche.
The notes in both tranches come with two years of call protection.
The Atlanta-based home builder plans to use the proceeds to refinance debt.
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