KB Home starts cash tender offer for up to $250 million 6 3/8% notes

By Jennifer Chiou

New York, July 23 - KB Home announced the launch of a cash tender offer for up to $250 million of its $350 million of 6 3/8% senior notes due 2011.

The offer ends at 9 a.m. ET on Aug. 20.

For each $1,000 principal amount, the company said it will pay $1,010, which includes a $30 early tender premium for those who tender prior to 5 p.m. ET on Aug. 5.

The company said it will also pay accrued interest to the settlement date.

The offer is subject to the satisfaction or waiver of a number of conditions, including the completion of a public offering of not less than $250 million of unsecured senior debt securities that closes no later than Aug. 5.

There is no minimum tender condition.

It the offer is oversubscribed, tenders will be accepted on a pro rata basis.

Citi is the dealer manager (800 558-3745 or call collect 212 723-6106). Global Bondholder Services Corp. is the depositary and information agent (866 540-1500 or call collect 212 430-3774).

KB Home is a Los Angeles-based builder of single-family homes.

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