By Paul A. Harris
Portland, Ore., March 13 – Ashton Woods USA LLC priced a $255 million issue of 9 7/8% eight-year senior notes (Caa1/B-) at 99.301 to yield 10% in a quick-to-market Wednesday trade, according to market sources.
The coupon and yield were set before the deal was announced, according to a trader, who added that the bond offer was driven to market on reverse inquiry.
J.P. Morgan Securities LLC managed the sale.
Proceeds will be used to fund the tender offer for any and all of the Ashton Woods USA/Ashton Woods Finance Co. $250 million 6 7/8% senior notes due 2021.
Ashton Woods is an Atlanta-based homebuilder.
| Issuer: | Ashton Woods USA LLC
|
| Amount: | $255 million
|
| Maturity: | April 1, 2027
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 9 7/8%
|
| Price: | 99.301
|
| Yield: | 10%
|
| Call protection: | Three years
|
| Trade date: | March 13
|
| Settlement date: | March 27
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Marketing: | Quick to market
|
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