By Paul A. Harris
Portland, Ore., July 21 – Ashton Woods USA LLC priced an upsized $350 million issue of eight-year senior notes (B2/B) at par to yield 4 5/8% in a Wednesday drive-by, according to market sources.
The issue size increased from $300 million.
The yield printed at the tight end of the 4 5/8% to 4¾% yield talk. Initial talk was in the 5% area.
J.P. Morgan Securities LLC was the lead.
The notes were sold via issuer Ashton Woods Finance Co.
The Roswell, Ga.-based home builder plans to use the proceeds to redeem $250 million of its notes, as well as for working capital and general corporate purposes.
| Issuer: | Ashton Woods Finance Co.
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| Amount: | $350 million, increased from $300 million
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| Maturity: | Aug. 1, 2029
|
| Securities: | Senior notes
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| Lead: | J.P. Morgan Securities LLC
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| Coupon: | 4 5/8%
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| Price: | Par
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| Yield: | 4 5/8%
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| Spread: | 348 bps
|
| Call protection: | Three years
|
| Trade date: | July 21
|
| Settlement date: | Aug. 2
|
| Ratings: | Moody's: B2
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| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4 5/8% to 4¾%
|
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| Marketing: | Drive-by
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