Ashton Woods gets tenders for $246.77 million of 6 7/8% notes so far

By Susanna Moon

Chicago, Aug. 8 – Ashton Woods USA LLC and Ashton Woods Finance Co. said holders had tendered $246,772,000 of their outstanding 6 7/8% senior notes due 2021 as of the early deadline at 5 p.m. ET on Aug. 4.

As announced July 24, the companies are tendering for up to $100 million of the notes.

Ashton Woods accepted for purchase $100 million principal amount on a pro rata basis, according to a company update on Tuesday.

The purchase price will be $1,038.20 per $1,000 principal amount for notes tendered by the early deadline.

Included in the total is an early tender premium of $30.00 per $1,000 of notes.

The tender had been set to continue until 12 a.m. ET on Aug. 19. Because the offer has been oversubscribed, however, no more tenders will be accepted for purchase unless the cap has been amended.

Ashton Woods will also pay accrued interest up to but excluding the settlement date, which will be Aug. 8 for early tenders.

The tender is contingent on completion of an offering of new notes and other conditions.

As reported, the issuers priced $250 million of eight-year senior notes at par to yield 6¾% on July 26.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811) is dealer manager. D.F. King & Co., Inc. (212 269-5550 or 800 620-9554) is tender agent and information agent.

Ashton Woods is an Atlanta-based homebuilder.

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