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Ashton Woods driving by with $300 million 8.5-year senior notes; initial talk 4¾%-5%
By Paul A. Harris
Portland, Ore., Sept. 9 – Ashton Woods USA LLC plans to price a $300 million offering of 8.5-year senior notes (expected ratings B1/B) in a Thursday drive-by, according to a market source.
Initial guidance has the deal coming to yield 4¾% to 5%.
J.P. Morgan Securities LLC is leading the offering.
The notes come with 3.5 years of call protection.
The Roswell, Ga.-based home builder plans to use a portion of the proceeds to fully redeem its 9 7/8% senior notes due in 2027.
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