Published on 4/17/2024 in the Prospect News Canadian Bonds Daily and Prospect News High Yield Daily.
New Issue: Empire Communities prices $475 million 9¾% five-year notes at par
By Paul A. Harris
Portland, Ore., April 17 – Empire Communities Corp. priced a $475 million issue of five-year senior notes (B/B-) at par to yield 9¾% in a Wednesday drive-by, according to market sources.
The yield printed at the tight end of the 9¾% to 10% yield talk. That talk came on top of initial guidance.
JPMorgan was the lead.
The Vaughan, Ont.-based homebuilder plans to use the proceeds to fund a tender offer for its 7% notes due 2025.
| Issuer: | Empire Communities Corp.
|
| Amount: | $475 million
|
| Issue: | Senior notes
|
| Maturity: | May 1, 2029
|
| Lead: | JPMorgan
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Spread: | 512 bps
|
| First call: | May 1, 2026 at 104.875
|
| Trade date: | April 17
|
| Settlement date: | April 29
|
| Ratings: | S&P: B
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9¾% to 10%
|
| Marketing: | Roadshows
|
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