Ashton Woods begins tender offer for 6 7/8% senior notes due 2021

By Marisa Wong

Morgantown, W.Va., March 13 – Ashton Woods USA LLC and Ashton Woods Finance Co. announced that they are launching a tender offer for any and all of their outstanding $250 million 6 7/8% senior notes due 2021.

The tender offer will expire at midnight ET at the end of the day on April 9.

The companies are offering a total consideration of $1,002.86 per $1,000 principal amount. The total consideration includes an early tender premium of $50.00 per $1,000 principal amount of notes tendered by 5 p.m. ET on March 26, the early tender date.

Holders tendering after the early tender time will only be eligible to receive the tender offer consideration of $952.86 per $1,000 principal amount, or the total consideration less the early tender premium.

The companies will also pay accrued interest up to but excluding the applicable settlement date.

Early tendered notes accepted for purchase may be settled as early as March 27. Payment for remaining tenders will be made on a date soon after the expiration time.

Tenders may be withdrawn at or prior to 5 p.m. ET on March 26.

The tender offer is contingent upon, among other things, completion of a new notes offering.

J.P. Morgan Securities LLC (212 270-6091) is dealer manager, and D.F. King & Co., Inc. (212 269-5550 or 866 829-0135) is tender agent and information agent.

Ashton Woods is an Atlanta-based homebuilder.

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