New Issue: WCI Communities sells $50 million more 6 7/8% notes due 2021 at 102.5

By Paul A. Harris

Portland, Ore., June 23 – WCI Communities, Inc. priced a $50 million add-on to its 6 7/8% senior notes due Aug. 15, 2021 (B3/B) at 102.5 to yield 6.295% on Monday, according to a syndicate source.

The reoffer price came at the rich end of the 102 to 102.5 price talk.

Citigroup Global Markets Inc. was the bookrunner.

The Bonita Springs, Fla.-based real estate developer and homebuilder plans to use the proceeds for general corporate purposes, including the acquisition and development of land.

Issuer:	WCI Communities, Inc.
Face amount:	$50 million
Proceeds:	$51 million
Maturity:	Aug. 15, 2021
Security description:	Add-on to 6 7/8% senior notes due Aug. 15, 2021
Bookrunner:	Citigroup Global Markets Inc.
Coupon:	6 7/8%
Price:	102.5
Yield:	6.295%
Spread:	410 bps
First call:	Aug. 15, 2016 at 105.156
Equity clawback:	35% at 106.875 until Aug. 15, 2016
Change-of-control put:	101%
Trade date:	June 23
Settlement date:	June 26 with accrued interest
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	102 to 102.5
Marketing:	Quick to market
Original issue:	$200 million priced at par in August 2013
Fungibility:	Upon registration the add-on notes will be fungible with the existing notes
Total issue size:	$250 million

© 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.