Ashton Woods talks $250 million eight-year senior notes to yield 6 5/8%-6 7/8%; pricing Wednesday

By Paul A. Harris

Portland, Ore., July 25 – Ashton Woods USA LLC and Ashton Woods Finance Co. talked a $250 million offering of eight-year senior notes (Caa1/B-) to yield 6 5/8% to 6 7/8%, according to a market source.

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

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

The notes come with three years of call protection.

The Atlanta-based luxury home builder plans to use the proceeds to fund a tender offer for up to $100 million of its 6 7/8% senior notes due 2021, which was also announced on Monday, and to repay debt under its revolving credit facility.

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