Forestar Group to repay revolver via proceeds of convertibles offering

By Toni Weeks

San Luis Obispo, Calif., Feb. 19 - Forestar Group Inc. said it will use the proceeds from its planned public offering of $110 million principal amount of convertible senior notes due 2020 to repay outstanding borrowings under its revolving line of credit and for general corporate purposes, including oil and gas exploration and drilling as well as real estate acquisition and development.

Goldman Sachs & Co. will be the bookrunning manager for the offering. KeyBanc Capital Markets Inc., JMP Securities LLC, Capital One Southcoast, Inc., J.P. Morgan Securities LLC and UBS Securities LLC are co-managers.

The Austin, Texas-based company operates in three business segments: real estate, mineral resources and fiber resources.

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