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Empire Communities talks $475 million five-year notes at 9¾%-10%; pricing Wednesday
By Paul A. Harris
Portland, Ore., April 17 – Empire Communities Corp. talked its $475 million offering of five-year senior notes (B/B-) to yield 9¾% to 10%, according to market sources.
Official talk comes on top of initial guidance.
The deal is set to price on Wednesday.
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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