Comstock Homebuilding to sell $150 million five-year subordinated notes via FBR

By Paul A. Harris

St. Louis, Dec. 5 - Comstock Homebuilding Cos. Inc. will begin a roadshow Tuesday for a $150 million offering of five-year senior subordinated notes (B3/B-), according to an informed source. The bullet notes are expected to be sold with a 2011 maturity.

Pricing is expected to take place on Dec. 15.

Friedman Billings Ramsey is the bookrunner for the notes that will be sold via Rule 144A with registration rights, and Regulation S. BB&T Capital Markets is the co-lead manager.

Proceeds will be used for general corporate purposes and for real estate development projects.

The Reston, Va.-based homebuilder operates in the Washington, D.C., area and Raleigh, N.C., market. The company develops single-family homes and townhouses.

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