By Paul A. Harris
Portland, Ore., Sept. 9 – Ashton Woods USA LLC priced a $300 million issue of 8.5-year senior notes (B1/B) at par to yield 4 5/8% in a Thursday drive-by, according market sources.
The yield printed at the tight end of yield talk in the 4¾% area. Initial guidance was 4¾% to 5%.
Around noon ET there was in excess of $1 billion in the order book, a trader said.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
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.
| Issuer: | Ashton Woods USA LLC
|
| Amount: | $300 million
|
| Maturity: | April 1, 2030
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 337 bps
|
| Call protection: | 3.5 years
|
| Trade date: | Sept. 9
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Price talk: | 4¾% area
|
| Marketing: | Drive-by
|
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