By Paul A. Harris
Portland, Ore., Sept. 27 - Howard Hughes Corp. priced an upsized $750 million issue of eight-year senior notes (Ba3/B/) at par to yield 6 7/8% on Friday, according to an informed source.
The deal was upsized from $500 million.
The yield printed at the wide end of yield talk in the 6¾% area.
Credit Suisse Securities (USA) LLC was the bookrunner.
The Dallas-based property developer plans to use the proceeds for general corporate purposes.
| Issuer: | Howard Hughes Corp.
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | Oct. 1, 2021
|
| Securities: | Senior notes
|
| Bookrunner: | Credit Suisse Securities (USA) LLC
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 458 bps
|
| First call: | Oct. 1, 2016 at 105.156
|
| Equity clawback: | 35% at 106.875 until Oct. 1, 2016
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 2
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A for life
|
| Price talk: | 6¾% area
|
| Marketing: | Roadshow
|
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