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Empire Communities starts roadshow for $475 million five-year notes; initial talk 9¾%-10%
By Paul A. Harris
Portland, Ore., April 16 – Empire Communities Corp. began a roadshow on Tuesday for a $475 million offering of five-year senior notes, according to market sources.
The deal is in the market with initial talk that has it yielding 9¾% to 10%, with pricing expected on Thursday.
The Rule 144A and Regulation S notes come with two years of call protection.
JPMorgan is leading the notes sale.
The Vaughan, Ont.-based homebuilder plans to use the proceeds to fund a tender offer for its 7% notes due 2025.
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