Century Communities talks $100 million tap of 6 7/8% notes due 2022 at 102-102.5; pricing Monday

By Paul A. Harris

Portland, Ore., Jan. 23 – Century Communities, Inc. is talking an upsized $100 million add-on to its 6 7/8% senior notes due May 15, 2022 (existing ratings B3/B) at 102 to 102.5, according to a market source.

The deal, which was announced earlier on Monday, is upsized from $50 million.

The Rule 144A and Regulation S with registration rights offering is set to price on Monday.

J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are the joint bookrunners.

The notes become callable after May 15, 2017 at 105.156.

The Greenwood Village, Colo.-based homebuilder plans to use the proceeds to repay debt under its revolving credit facility.

The original $200 million issue priced at 99.239 to yield 7% in April 2014. A previous $60 million add-on priced at 98.26 to yield 7.19% in April 2015.

Upon registration the add-on notes will become fungible with the existing notes.

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