By Paul A. Harris
Portland, Ore., Jan. 13 – Ashton Woods Homes Co. priced a $250 million issue of eight-year notes (expected ratings Caa1/B-) at par to yield 6 5/8% in a quick-to-market Monday trade, according to a market source.
The yield printed at the tight end of the 6 5/8% to 6¾% yield talk and in line with initial guidance in the mid-to-high 6% area.
J.P. Morgan Securities LLC was the lead manager.
The Roswell, Ga.-based home builder plans to use the proceeds to repay debt under its revolving credit facility and for general corporate purposes.
| Issuers: | Ashton Woods USA LLC and Ashton Woods Finance Co.
|
| Amount: | $250 million
|
| Tenor: | Eight years
|
| Securities: | Notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Call protection: | Three years
|
| Trade date: | Jan. 13
|
| Expected ratings: | Moody's: Caa1
|
| S&P: B-
|
| Price talk: | 6 5/8% to 6¾%
|
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