New Issue: TRI Pointe prices $300 million 4 7/8% five-year bullet to yield 5%

By Paul A. Harris

Portland, Ore., May 23 – TRI Pointe Group, Inc. priced a $300 million issue of 4 7/8% five-year senior notes (B1/BB-) at 99.437 to yield 5% on Monday, according to a syndicate source.

The yield printed at the tight end of the 5% to 5 1/8% yield talk.

The quick-to-market issue was priced on the investment-grade desk.

Citigroup Global Markets Inc. was the left bookrunner for the public offering. J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. were the joint bookrunners.

Proceeds will be used to repay borrowings under the company’s revolver and for general corporate purposes.

TRI Pointe Group is an Irvine, Calif.-based multi-state homebuilder.

Issuer:	TRI Pointe Group, Inc.
Amount:	$300 million
Proceeds:	$298,311,000
Maturity:	July 1, 2021
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc.
Co-managers:	U.S. Bancorp Investments Inc., Fifth Third Securities Inc., Zelman Partners
Coupon:	4 7/8%
Price:	99.437
Yield:	5%
Spread:	363 bps
Call protection:	Make-whole call at Treasuries plus 50 bps, par call 30 days prior to maturity, otherwise non-callable
Trade date:	May 23
Settlement date:	May 26
Ratings:	Moody's: B1
	S&P: BB-
Distribution:	SEC registered
Price talk:	5% to 5 1/8%
Marketing:	Quick to market

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