Howard Hughes talks $500 million eight-year notes at 6¾% area yield

By Paul A. Harris

Portland, Ore., Sept. 26 - Howard Hughes Corp. talked its $500 million offering of eight-year senior notes (Ba3/B) to yield in the 6¾% area, an informed source said on Thursday.

Books close at noon ET on Friday, and the deal is set to price thereafter.

Credit Suisse Securities (USA) LLC is the bookrunner for the Rule 144A for life offering.

The notes become callable in three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The Dallas-based property developer plans to use the proceeds for general corporate purposes.

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