Technical Olympic USA to price $100 million add-on Wednesday

By Paul A. Harris

St. Louis, Jan. 27 - Technical Olympic USA will price a $100 million add-on to its 9% senior notes due July 1, 2010 (expected: Ba3/B+) on Wednesday, according to syndicate sources.

The underwriters include Salomon Smith Barney, Deutsche Bank Securities Inc., Fleet Securities and Credit Lyonnais.

The notes are callable July 1, 2007 at 105.188, on July 1, 2008 at 103.458, July 1, 2009 at 101.729, and at par on July 1, 2010 and thereafter; equity clawback until July 1, 2005 for 35% at 109.

Proceeds from the Rule 144A deal will be used to repay bank debt.

The original $200 million offering priced on June 14, 2002.

The issuer is a Sugarland Tex.-based homebuilder, serving Texas and Tennessee.

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