Comstock ups talk on $150 million five-year notes to 12%; pricing expected Tuesday

By Paul A. Harris

St. Louis, Dec. 16 - Comstock Homebuilding Cos. Inc. revised the price talk on its $150 million offering of five-year senior subordinated notes to 12% from 11% to 11¼%, according to an informed source.

Bond covenants will likely be tightened, the source added.

Pricing is expected on Tuesday.

Friedman Billings Ramsey has the books for the notes, which are being offered via Rule 144A with registration rights and via Regulation S. BB&T Capital Markets is the co-lead manager.

The notes are non-callable.

Proceeds will be used for general corporate purposes and real estate development projects.

The prospective issuer is a homebuilder operating in the Washington, D.C. area and the Raleigh, N.C., market, developing single-family homes and townhouses.

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