Empire Communities reports tenders of $466 million 7% notes due 2025

By Wendy Van Sickle

Columbus, Ohio, April 24 – Empire Communities Corp. announced the results of its cash tender offer for any and all of its outstanding 7% senior notes due 2025 (Cusip: 29163VAC7, C33203AA5), according to a press release.

By the expiration of the offer at 5 p.m. ET on April 23, holders had tendered $465,997,000, or 98.1%, of the $475 million principal amount of outstanding notes.

The purchase price per $1,000 principal amount of notes will be $1,010.21, which was calculated based on the 1% U.S. Treasury due Dec. 15, 2024 and a fixed spread of 0 basis points.

In addition, the company will pay accrued interest.

Pricing was determined at 2 p.m. ET on April 23.

The offer was announced on April 16.

Settlement is expected to occur on April 29.

The offer is subject to a financing condition but is not conditioned on any minimum amount of notes being tendered.

The company intends to redeem any notes that remain outstanding after settlement of the tender offer. The remaining notes will be redeemed at par on Dec. 15.

J.P. Morgan Securities LLC (212 834-7489 or 866 834-4666) is the dealer manager for the tender offer.

D.F. King & Co. (212 269-5550 or 866 811-1442; empire@dfking.com) is the tender agent and information agent.

The homebuilder is based in Vaughan, Ont.

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