KB Homes to price $300 million 10-year notes in Monday drive-by; initial talk 5 1/8% area

By Paul A. Harris

Portland, Ore., Oct. 21 – KB Home plans to price a $300 million offering of 10-year senior notes (existing ratings Ba3/BB-) in a quick-to-market Monday trade, according to market sources.

Initial guidance has the notes coming to yield in the 5 1/8% area, a trader said.

Citigroup Global Markets Inc., BNP Paribas Securities Corp., BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners for the public offering.

The Los Angeles-based home builder plans to use the proceeds to redeem its 8% senior notes due 2020.

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