Published on 8/9/2017 in the Prospect News High Yield Daily.
New Issue: David Weekley Homes prices $250 million 6 5/8% notes due 2025 at 97.731 to yield 7%
By Paul A. Harris
Portland, Ore., Aug. 9 – David Weekley Homes, LLC and Weekley Finance Corp. priced a $250 million issue of 6 5/8% eight-senior senior notes (B3/B+) at 97.731 to yield 7% on Wednesday, according to a syndicate source.
The yield printed 12.5 basis points beyond the wide end of yield talk in the 6¾%.
Credit Suisse Securities (USA) LLC, BofA Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunners.
The Houston-based privately held homebuilder plans to use the proceeds to repay its revolving credit facility.
| Issuers: | Weekley Homes, LLC and Weekley Finance Corp.
|
| Face amount: | $250 million
|
| Proceeds: | $244,327,500
|
| Maturity: | Aug. 15, 2025
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Wells Fargo Securities LLC
|
| Coupon: | 6 5/8%
|
| Price: | 97.731
|
| Yield: | 7%
|
| Spread: | 486 bps
|
| First call: | Aug. 15, 2020 at 104.969
|
| Equity clawback: | 35% at 106.625 until Aug. 15, 2020
|
| Trade date: | Aug. 9
|
| Settlement date: | Aug. 14
|
| Ratings: | Moody's B3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¾% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
