By Paul A. Harris
Portland, Ore., Oct. 15 - KB Home priced an upsized $450 million issue of non-callable senior notes due Dec. 15, 2021 (B2/B/) at par to yield 7% on Tuesday, according to a syndicate source.
The deal was upsized from $350 million.
The yield printed on top of yield talk.
Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. were the joint bookrunners.
The Los Angeles-based homebuilder plans to use the proceeds to fund the tender for its senior notes due in 2014, 2015 and 2016 and for general corporate purposes.
| Issuer: | KB Home
|
| Amount: | $450 million, increased from $350 million
|
| Maturity: | Dec. 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 460 bps
|
| Call protection: | Non-callable
|
| Trade date: | Oct. 15
|
| Settlement date: | Oct. 29
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | SEC registered
|
| Price talk: | 7% area
|
| Marketing: | Quick to market
|
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