Five Point driving by with $100 million tap of 7 7/8% notes due 2025

By Paul A. Harris

Portland, Ore., July 23 – Five Point Holdings LLC plans to price a $100 million add-on to the Five Point Operating Co., LP and Five Point Capital Corp. 7 7/8% senior notes due Nov. 15, 2025 (expected ratings B3/B) in a Tuesday drive-by, according to market sources.

The deal is being marketed by means of an internet roadshow.

The offering comes with initial price talk in the par area, a trader said.

Citigroup Global Markets Inc. is the left lead bookrunner for the Rule 144A and Regulation S for life deal. J.P. Morgan Securities LLC is the joint bookrunner.

The notes become callable on Nov. 15, 2020 at 105.906.

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 pursuing commercial investment opportunities at its communities.

The original $450 million issue price in November 2017. A previous $50 million add-on also priced in November 2017.

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