Shea Homes begins any-and-all tender offer for 5 7/8% notes due 2023

By Sarah Lizee

Olympia, Wash., Feb. 6 – Shea Homes LP and Shea Homes Funding Corp. launched a cash tender offer for any and all of their $375 million 5 7/8% senior notes due 2023, according to a press release.

The tender offer will expire at 5 p.m. ET on Feb. 18.

Holders who validly tender and do not withdraw their notes prior to the expiration time will be eligible to receive the tender consideration, which is $1,018.04 per $1,000 principal amount of notes.

In addition, holders will receive accrued interest up to but not including the initial settlement date, which is expected for Feb. 20.

The offer is subject to financing in an amount that, when combined with cash on hand, will be sufficient to fund the purchase of the notes tendered in the offer.

J.P. Morgan Securities LLC (800 245-8812 toll free and 212 270-1200 collect) is the dealer manager.

D.F. King & Co., Inc. (877 478-5043 toll free, 212 269-5550 for banks and brokerage firms, or shea@dfking.com) is the tender and information agent.

Shea is a Walnut, Calif.-based homebuilder.

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