By Ronda Fears
Nashville, July 30 - WCI Communities Inc. sold $125 million of 20-year convertible notes at par to yield 4.0% with a 48% initial conversion premium, via sole bookrunner Deutsche Bank Securities Inc.
Holders will have full dividend protection.
The Florida homebuilder and developer said proceeds would be used to repay debt and for general corporate purposes.
Terms of the new deal are:
Issuer: WCI Communities Inc.
| Issue: | Convertible senior subordinated unsecured notes
|
| Lead manager: | | Deutsche Bank Securities
|
| Amount | $125 million
|
| Greenshoe: | $40 million
|
| Maturity: | 2023
|
| Coupon: | 4.0%
|
| Price: | Par
|
| Yield: | 4.0%
|
| Conversion premium: | 48%
|
| Conversion price: | $27.5742
|
| Conversion ratio: | 36.2658
|
| Call: | Non-callable for 3 years, then for 2 years with 135% hurdle
|
| Put: | In years 5, 10 and 15
|
| Contingent conversion: | 120%
|
| Contingent payment: | 120%
|
| Pricing date: | July 30, after the close
|
| Settlement: | Aug. 5
|
| Distribution: | Rule 144A
|
|
|
© 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.
