Empire Communities prices tender offer for 7% notes due 2025

By Wendy Van Sickle

Columbus, Ohio, April 23 – Empire Communities Corp. announced pricing of its cash tender offer for any and all of its $475 million outstanding 7% senior notes due 2025 (Cusip: 29163VAC7, C33203AA5), according to a press release.

The purchase price per $1,000 principal amount of notes will be $1,010.21, which was calculated based on the 1% U.S. Treasury due Dec. 15, 2024 and a fixed spread of 0 basis points.

In addition, the company will pay accrued interest.

Pricing was determined at 2 p.m. ET on April 23.

The offer will expire at 5 p.m. ET on April 23. It was announced on April 16.

Settlement is expected to occur no later than five business days after the expiration date.

Tenders may be withdrawn until the earlier of the expiration date and, if the offer is extended, the 10th business day after the start of the offer. Notes may also be withdrawn at any time after the 60th business day after the start of the offer if for any reason the offer has not been completed by then.

The offer is subject to a financing condition but is not conditioned on any minimum amount of notes being tendered.

The company intends to redeem any notes that remain outstanding after settlement of the tender offer. The remaining notes will be redeemed at par on Dec. 15.

J.P. Morgan Securities LLC (212 834-7489 or 866 834-4666) is the dealer manager for the tender offer.

D.F. King & Co. (212 269-5550 or 866 811-1442; empire@dfking.com) is the tender agent and information agent.

The homebuilder is based in Vaughan, Ont.

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