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Shea Homes gets no additional tenders for 6 1/8% notes due 2025
By Marisa Wong
Los Angeles, March 9 – Shea Homes LP and Shea Homes Funding Corp. said that no additional 6 1/8% senior notes due 2025 (Cusips: 82088KAD0, U82091AC0) were tendered after the early tender deadline of its cash tender offer for up to $75 million of the $375 million outstanding principal amount.
Holders had tendered $61,842,000, or 16.5%, of the 6 1/8% notes due 2025 as of the early tender deadline at 5 p.m. ET on Feb. 21. Those notes were previously accepted for payment.
The offer began on Feb. 7 and expired at midnight ET at the end of the day on March 6.
The issuers offered a total consideration of $1,033.78 for each $1,000 principal amount, which included an early tender payment of $50.00 for each $1,000 of early tendered notes.
In addition, holders received accrued interest up to but excluding the payment date, which was Feb. 25 for the early tendered notes.
J.P. Morgan at (866 834-4666 and 212 834-2045) is the dealer manager for the offer.
D.F. King & Co., Inc. (877 478-5043 or, for banks and brokers, 212 269-5550; shea@dfking.com) is the tender and information agent.
Shea is a Walnut, Calif.-based homebuilder.
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