LGI Homes calls $300 million 6 7/8% senior notes due 2026

By Rebecca Melvin

Concord, N.H., June 14 – LGI Homes, Inc. has delivered a conditional notice of redemption for its $300 million outstanding of 6 7/8% senior notes due 2026, according to a company news release.

The notes will be called on July 15 at 103.438 plus accrued and unpaid interest.

The redemption is conditioned on consummation of the company’s new issue of $300 million aggregate principal amount of senior notes due 2029, which was announced concurrently with the redemption of notes.

The proceeds of the notes will be used to repay the notes, and pending such use, the company may repay all or a portion of the outstanding borrowings under its revolving credit facility. To the extent proceeds are not used to repay those borrowings, the issuer expected to invest proceeds in short-term liquid investments.

The homebuilder is based in The Woodlands, Tex.

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