By Paul Deckelman
New York, March 3 – Howard Hughes Corp. priced $800 million of eight-year senior notes (Ba3/B+) on Friday, market sources said.
The notes carry a 5 3/8% coupon.
Initial guidance had the deal coming with a yield in the mid 5% area.
J.P. Morgan Securities LLC brought the Rule 144A and Regulation S offering to market.
The notes come with three years of call protection.
The company – a Dallas-based commercial, residential and mixed-use real estate developer – plans to use the proceeds to repurchase its 6 7/8% senior notes due 2021 via a previously announced tender offer and for general corporate purposes.
| Issuer: | Howard Hughes Corp.
|
| Amount: | $800 million
|
| Maturity: | March 15, 2025
|
| Securities: | Senior notes
|
| Coupon: | 5 3/8%
|
| Call protection: | Three years
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Ratings: | Moody’s: Ba3
|
| S&P: B+
|
| Trade date: | March 3
|
| Settlement date: | March 16
|
| Distribution: | Rule 144A/Regulation S
|
| Initial guidance: | Mid-5% area
|
| Marketing: | Short roadshow
|
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