HomeFed sells $75 million 6.5% notes due 2019; Conifer settles $30 million 8% notes

By Devika Patel

Knoxville, Tenn., Oct. 2 – Two companies announced private placements on Monday, with Carlsbad, Calif.-based residential and commercial real estate property investor HomeFed Corp. settling a $75 million notes sale through Jefferies LLC as placement agent to fund the redemption of its 6.5% senior notes due 2018 and Birmingham, Mich., insurance holding company Conifer Holdings, Inc. completing a $30 million private placement of subordinated notes.

HomeFed completed a private placement of $75 million of 6.5% senior notes due Oct. 1, 2019 on Wednesday.

The notes may be called beginning April 1, 2018 at par.

Proceeds were used with cash on hand to redeem all of the company’s outstanding 6.5% senior notes due 2018.

Conifer settled a $30 million private placement of 8% subordinated notes due Sept. 29, 2032 with an affiliate of Elanus Capital Management, LLC.

The company may call the note at par from July 1, 2018 through Oct. 31, 2018 and at 105 any time after Sept. 29, 2020.

Proceeds were used to repay the $16.4 million balance on a $30 million senior lender credit facility, which consisted of two term notes totaling $12.5 million and a $17.5 million revolver. Proceeds also will be used to support general working capital purposes and finance growth strategies.

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