By Paul A. Harris
Portland, Ore., Dec. 8 – Empire Communities Corp. priced five-year senior notes (B-/B-) in two tranches on Tuesday, according to market sources.
The deal included $400 million of the notes that priced at par to yield 7%, at the tight end of the 7% to 7 1/8% yield talk.
The issuance also included C$150 million of the notes that priced at par to yield 7 3/8. The yield printed on top of talk.
The notes in both tranches were in the market with early guidance of 7¾% to 8%, a trader said.
J.P. Morgan Securities LLC led the U.S. dollar-denominated tranche. RBC Capital Markets LLC led the Canadian dollar-denominated tranche.
The Atlanta-based home builder plans to use the proceeds to refinance debt.
| Issuer: | Empire Communities Corp.
|
| Maturity: | Dec. 15, 2025
|
| Securities: | Senior notes
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 22
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
| Marketing: | Roadshow
|
|
|
| U.S. dollar notes
|
| Amount: | $400 million
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 662 bps
|
| Call protection: | Two years
|
| Price talk: | 7% to 7 1/8%
|
|
|
| Canadian dollar notes
|
| Amount: | C$150 million
|
| Lead: | RBC Capital Markets LLC
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 690 bps
|
| Call protection: | Two years
|
| Price talk: | 7 3/8%
|
|
|
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