M.D.C. Holdings tenders for up to $250 million 5.5% notes, 7% notes

By Jennifer Chiou

New York, June 8 - M.D.C. Holdings, Inc. announced the start of a cash tender offer for up to $250 million of its $350 million of 5.5% senior notes due 2013 and its $150 million of 7% senior notes due 2012.

The company said that the 5.5% notes have priority over the 7% notes, and the amount of 7% notes to be accepted will depend on the cap amount less the tally of 5.5% notes accepted in the offer.

The tender will end at 11:59 p.m. ET on July 6.

The Denver homebuilding and financial services company said that it intends to use cash on hand to fund the offer.

For each $1,000 principal amount, the company will pay $1,070 for the 5.5% notes and $1,080 for the 7% notes, including an early tender premium of $30.00 for those who tender prior to 4 p.m. ET on June 21.

Participating holders will also receive accrued interest.

Citigroup Global Markets Inc. is the dealer manager (attn: liability management group at 800 558-3745). The depositary and the information agent is Global Bondholder Services Corp. (866 540-1500 or call collect 212 430-3774).

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