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Published on 7/3/2007 in the Prospect News High Yield Daily.

Kaufman & Broad prices tender for 8¾% notes

By Susanna Moon

Chicago, July 3 - Kaufman & Broad SA said it priced its tender offer for its €150 million of 8¾% senior notes due 2009.

The company will pay 107.35% of the principal amounts tendered before 11 a.m. ET on June 21 or 103.85% of notes tendered after the deadline.

The settlement date is expected to be July 11, rescheduled from July 10.

On June 11, Kaufman & Broad said it received consents from holders of a majority of its 8¾% notes.

The company obtained enough consents to amend the note indenture to eliminate some covenants relating to the incurrence of debt and liens, making some payments, engaging in transactions with affiliates, and some transfers concerning the company's subsidiaries.

Holders may not tender their notes without consenting to the proposed amendments.

The tender offer is subject to conditions including the receipt of tenders from holders of a majority of the notes and the closing of Financiere Gaillon 8's acquisition of a majority of Kaufman & Broad's share capital.

The tender offer began on June 7.

Paris-based Kaufman & Broad is a construction company focused on residential and office properties.


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