By Paul A. Harris
St. Louis, Sept. 29 - WCI Communities priced a $100 million issue of 30-year junior subordinated notes on Wednesday, according to a company source.
The coupon pays 7¼% for the first 10 years, after which it floats at Libor plus 250 basis points.
Proceeds will be used to increase available capital.
WCI Communities is a Bonita Springs, Fla., home builder.
| Issuer: | WCI Communities, Inc.
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| Amount: | $100 million
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| Maturity: | 2035
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| Security description: | Junior subordinated notes
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| Coupon: | 7¼% for first 10 years, floats thereafter at Libor plus 250 basis points
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| Trade date: | Sept. 28
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