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Crescent Communities to price $400 million five-year notes this week
By Paul A. Harris
Portland, Ore., Sept. 26 – Crescent Communities, LLC, in conjunction with Crescent Ventures Inc., plans to roll out a $400 million offering of five-year senior secured notes (expected ratings Caa1/B+) on an investor conference call scheduled to get underway at 12:30 p.m. ET on Monday, according to a market source.
The Rule 144A and Regulation S for life offering is expected to price on Thursday.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Market Corp. are the joint bookrunners.
The notes come with two years of call protection. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.
The Charlotte, N.C.-based real estate developer plans to use the proceeds to redeem its 10¼% senior secured notes due 2017.
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