By Paul A. Harris
Portland, Ore., Jan. 23 – Century Communities, Inc. price an upsized $125 million add-on to its 6 7/8% senior notes due May 15, 2022 (existing ratings B3/B) at 102 to yield 6.192% on Monday, according to market sources.
The add-on, which came as an a.m.-to-p.m. drive-by, was upsized from $100 million after having been upsized earlier in the day from $50 million.
The reoffer price came at the cheap end of the 102 to 102.5 price talk.
J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. were the joint bookrunners.
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.
| Issuer: | Century Communities, Inc.
|
| Face amount: | $125 million, increased from $100 million after being increased from $50 million
|
| Proceeds: | $127.5 million
|
| Maturity: | May 15, 2022
|
| Security description: | Add-on to 6 7/8% senior notes due May 15, 2022
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc.
|
| Coupon: | 6 7/8%
|
| Price: | 102
|
| Yield to worst: | 6.192%
|
| First call: | May 15, 2017 at 105.156
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 26
|
| Existing ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 102 to 102.5
|
| Marketing: | Quick to market
|
| Original issue: | $200 million priced at 99.239 to yield 7% in April 2014
|
| Previous add-on: | $60 million priced at 98.26 to yield 7.19% in April 2015
|
| Fungibility: | Upon registration the new add-on notes will become fungible with the existing notes
|
| Total issue size: | $385 million
|
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