By Paul A. Harris
Portland, Ore., Aug. 5 – STL Holding Co. LLC, doing business as DSLD Homes, priced a $225 million issue of 5.5-year senior notes (B3/B) at par to yield 7½% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk in the 7 5/8% area.
BNP Paribas Securities Corp. was the active bookrunner. Fifth Third Securities Inc. was a passive bookrunner.
The Denham Springs, La.-based home builder plans to use the proceeds to pay off its existing revolving credit facility, subsequent to which a new revolver will be put in place, and to use any remaining proceeds for general corporate purposes.
| Issuer: | STL Holding Co. LLC
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| Amount: | $225 million
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| Maturity: | Feb. 15, 2026
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| Securities: | Senior notes
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| Active bookrunner: | BNP Paribas Securities Corp.
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| Passive bookrunner: | Fifth Third Securities Inc.
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| Coupon: | 7½%
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| Price: | Par
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| Yield: | 7½%
|
| First call: | Feb. 15, 2023 at 103.75
|
| Equity clawback: | 40% at 107.5 until Feb. 15, 2023
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| Trade date: | Aug. 5
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| Settlement date: | Aug. 12
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| Ratings: | Moody's: B3
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| S&P: B
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| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7 5/8% area
|
| Marketing: | Roadshow
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