Forestar Group to pay down outstanding term loan debt via new notes

By Marisa Wong

Madison, Wis., April 29 - Forestar Group Inc. said it intends to repay and retire all amounts outstanding under the term loan portion of its senior secured credit facility using proceeds from an offering of senior secured notes due 2022.

The company announced in a Securities and Exchange Commission filing on Tuesday that wholly owned subsidiary Forestar (USA) Real Estate Group Inc. plans to offer up to $250 million of the secured notes.

Proceeds will also be used for general corporate purposes, including investments in strategic growth opportunities.

Forestar is an Austin, Texas-based real estate and oil and natural gas company.

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