By Paul A. Harris
Portland, Ore., July 26 – Ashton Woods USA LLC and Ashton Woods Finance Co. priced a $250 million issue of eight-year senior notes (Caa1/B-) at par to yield 6¾% on Wednesday, according to a market source.
The yield printed in the middle of the 6 5/8% to 6 7/8% yield talk.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
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.
| Issuers: | Ashton Woods USA LLC and Ashton Woods Finance Co.
|
| Amount: | $250 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Call protection: | Three years
|
| Trade date: | July 26
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Price talk: | 6 5/8% to 6 7/8%
|
| Marketing: | Roadshow
|
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