New Issue: Five Point prices upsized $50 million tap of 7 7/8% senior notes due 2025 at par

By Paul A. Harris

Portland, Ore., Nov. 27 – Five Point Operating Co., LP priced a $50 million add-on to its 7 7/8% senior notes due Nov. 15, 2025 (B3/B) at par to yield 7 7/8% in a Monday drive-by, according to an informed source.

Citigroup Global Markets Inc. managed the sale.

The Aliso Viejo, Calif.-based planner and developer of mixed-use, master-planned communities plans to use the proceeds for general corporate purposes, which may include funding development activities at its communities.

Issuers:	Five Point Operating Co., LP and Five Point Capital Corp.
Amount:	$50 million
Maturity:	Nov. 15, 2025
Security description:	Add-on to 7 7/8% senior notes due Nov. 15, 2025
Lead:	Citigroup Global Markets Inc.
Coupon:	7 7/8%
Price:	Par
Yield:	7 7/8%
First call:	Make-whole call a Treasuries plus 50 bps until Nov. 15, 2020, then callable at 105.813
Equity clawback:	35% at 107.875 until Nov. 15, 2020
Trade date:	Nov. 27
Settlement date:	Nov. 30 with accrued interest
Ratings:	Moody's: B3
	S&P: B
Distribution:	Rule 144A and Regulation S
Marketing:	Quick to market
Original issue:	$450 million priced at par on Nov. 17, 2017
Total issue size:	$500 million

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