By Paul A. Harris
Portland, Ore., Aug. 5 – Howard Hughes Corp. priced a $750 million offering of eight-year senior notes (Ba3/BB-/BB) at par to yield 5 3/8% in a Wednesday drive-by, according to a market source.
The yield came at the tight end of yield talk in the 5½% area.
J.P. Morgan Securities LLC, BofA Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The Dallas-based real estate developer and manager plans to use the proceeds for general corporate purposes, including debt repayment.
| Issuer: | Howard Hughes Corp.
|
| Amount: | $750 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities Inc. and Wells Fargo Securities LLC
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Call protection: | Three years
|
| Trade date: | Aug. 5
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5½% area
|
| Marketing: | Drive-by
|
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