By Paul A. Harris
Portland, Ore., Jan. 25 – Empire Communities Corp. priced an upsized $75 million add-on to its 7% senior notes due Dec. 15, 2025 (B-/B-) at 105.25 on Monday, according to market sources.
The issue size increased from $50 million.
The issue price came at the rich end of the 105 to 105.25 price talk. Initial guidance was 104.75 to 105.
J.P. Morgan Securities LLC managed the notes sale.
The Atlanta-based home builder plans to use the proceeds for general corporate purposes, including the funding of acquisitions.
| Issuer: | Empire Communities Corp.
|
| Amount: | $75 million, increased from $50 million
|
| Maturity: | Dec. 15, 2025
|
| Security description: | Add-on to 7% senior notes due Dec. 15, 2025
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 7%
|
| Price: | 105.25
|
| First call date: | Dec. 15, 2022
|
| Trade date: | Jan. 25
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
| Price talk: | 105 to 105.25
|
| Original issue: | $400 million priced in December 2020
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
