New Issue: Century Communities prices upsized $500 million eight-year bullet at par to yield 3 7/8%

By Paul A. Harris

Portland, Ore., Aug. 3 – Century Communities, Inc. priced an upsized $500 million issue of eight-year senior bullet notes (Ba3/BB-) at par to yield 3 7/8% in a Tuesday drive-by, according to market sources.

The issue size increased from $400 million.

The yield printed in the middle of yield talk in the 3 7/8% area, and tight to initial guidance in the 4% area.

Left bookrunner BofA Securities Inc. will bill and deliver.

The Greenwood Village, Colo.-based homebuilder plans to use the proceeds to partially fund the redemption of its 5 7/8% notes due in 2025.

Issuer:	Century Communities, Inc.
Amount:	$500 million, increased from $400 million
Maturity:	Aug. 15, 2029
Securities:	Senior notes
Left bookrunner:	BofA Securities Inc. (bill and deliver)
Joint bookrunners:	Fifth Third Securities Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc.
Co-managers:	Wells Fargo Securities LLC, BMO Capital Markets Corp., Builder Advisor, PNC Capital Markets LLC, TCB, Zelman, Zions
Coupon:	3 7/8%
Price:	Par
Yield:	3 7/8%
Call protection:	Make-whole call at Treasuries plus 50 basis points until Feb. 15, 2029, then callable at par; otherwise, non-callable
Trade date:	Aug. 3
Settlement date:	Aug. 23
Ratings:	Moody's: Ba3
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	3 7/8% area
Marketing:	Drive-by

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