Century Communities shops $200 million eight-year notes

By Paul Deckelman

New York, April 28 - Century Communities Inc. plans to sell $200 million of senior notes due 2022.

The notes will be sold under Rule 144A and Regulation S.

Moody's Investors Service assigned a B3 rating to the issue and a first-time B3 corporate family rating to the company.

The Greenwood Village, Colo.-based homebuilder said that proceeds from the bond sale will be used to repay all outstanding debt under its existing revolving credit facility and for the acquisition and development of land. Any remaining proceeds will go for general corporate purposes.

High-yield syndicate sources said that timing on the proposed offering and other deal details remain to be determined.

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