AV Homes talks $200 million five-year notes to yield in 8½% area; pricing Wednesday

By Paul A. Harris

Portland, Ore., June 24 – AV Homes Inc. talked its $200 million offering of five-year senior notes (expected Caa1/confirmed B-) to yield in the 8½% area, a market source said on Tuesday.

There are also covenant changes, and registration rights were added to the Rule 144A and Regulation S deal. Previously in the market as Rule 144A and Regulation S for life deal, the notes now have registration rights that will remain in effect for one year.

Books close at 2 p.m. ET on Wednesday, and the deal is set to price thereafter.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., RBC Capital Markets, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the joint bookrunners.

The notes come with two years of call protection.

The Kissimmee, Fla.-based homebuilder plans to use the proceeds for general corporate purposes, including land purchases, land development, home-building and acquisitions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.