Published on 9/9/2020 in the Prospect News High Yield Daily.
New Issue: Weekley Homes prices $400 million 4 7/8% eight-year notes at par
By Paul A. Harris
Portland, Ore., Sept. 9 – Weekley Homes LLC and Weekley Homes Finance Corp. priced a $400 million issue of eight-year senior notes (B1/BB-) at par to yield 4 7/8% in a Wednesday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 5% area. Initial guidance was 5% to 5¼%.
Credit Suisse Securities (USA) LLC is the left lead bookrunner. Joint bookrunners were BofA Securities Inc. and Truist Securities Inc.
The Houston-based home builder plans to use the proceeds to fund the tender and/or redemption of all of its outstanding notes.
| Issuers: | Weekley Homes, LLC and Weekley Finance Corp.
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| Amount: | $400 million
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| Maturity: | Sept. 15, 2028
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| Securities: | Senior notes
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| Left lead bookrunner: | Credit Suisse Securities (USA) LLC
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| Joint bookrunners: | BofA Securities Inc. and Truist Securities Inc.
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| Co-managers: | BBVA Securities Inc., RF, Fifth Third Securities Inc. and Zions First National Bank
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| Coupon: | 4 7/8%
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| Price: | Par
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| Yield: | 4 7/8%
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| Spread: | 432 bps
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| First call: | Sept. 15, 2023 at 102.438
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| Equity clawback: | 40% at 104.875 until Sept. 15, 2023
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| Trade date: | Sept. 9
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| Settlement date: | Sept. 23
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| Ratings: | Moody's: B1
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 5% area
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| Marketing: | Drive-by
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