MDC announces early offer results, raises cap to accept all tenders

Chicago, Sept. 16 – MDC Holdings, Inc. announced the early results of its cash tender offer for what was initially a capped offer for up to $100 million of its $250 million outstanding 5½% senior notes due 2024 (Cusip: 552676AR9), according to a press release on Thursday.

As of the early deadline at 5 p.m. ET on Sept. 16, noteholders tendered $123,632,000 of their notes.

The company increased the cap to accept all of the notes tendered.

The company will pay a total consideration of $1,063.75 per $1,000 note, an amount that includes a $30 early tender premium for noteholders who tendered by the early deadline.

Interest will also be paid to the settlement date.

The early tender deadline was also the withdrawal deadline.

The offer will technically expire at 11:59 p.m. ET on Sept. 30. However, because the new cap has been reached, no more notes will be accepted for purchase.

Settlement is expected on Friday.

The dealer manager for the tender offer is Citigroup Global Markets Inc. (800 588-3745, 212 723-6106).

Global Bondholder Services, Inc. is the information agent (866 470-4300, 212 430-3774).

The homebuilding and financial services company is based in Denver.

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