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Adams Homes talks $250 million five-year notes to yield in 9¼% area; pricing Friday
By Paul A. Harris
Portland, Ore., Sept. 22 – Adams Homes, Inc. talked its $250 million offering of senior notes due 2028 (B2/B+/BB-) to yield in the 9¼% area on Friday, according to a syndicate source.
Books close at noon ET on Friday, and the deal is set to price thereafter.
The Rule 144A and Regulation S for life five-year notes become subject to their first call after two years at par plus 50% of the coupon.
Wells Fargo Securities LLC is the sole bookrunner. Regions Securities LLC is the co-manager.
The Gulf Breeze, Fla.-based private homebuilder plans to use the proceeds to pay off its revolver, as well as to fund a tender for up to $100 million of its 7½% senior notes due 2025, and for general corporate purposes.
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