By Paul A. Harris
Portland, Ore., Sept. 29 – Crescent Communities, LLC priced a $400 million issue of five-year senior secured notes (Caa1/B+) at par to yield 8 7/8% on Thursday, according to a market source.
The yield printed at the tight end of the 8 7/8% to 9 1/8% yield talk.
J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and RBC Capital Market Corp. were the joint bookrunners.
The Charlotte, N.C.-based real estate developer plans to use the proceeds to redeem its 10¼% senior secured notes due 2017.
Issuers: | Crescent Communities, LLC and Crescent Ventures Inc.
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Amount: | $400 million
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Maturity: | Oct. 15, 2021
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Securities: | Senior secured notes
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Bookrunners: | J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, RBC Capital Market Corp.
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Coupon: | 8 7/8%
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Price: | Par
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Yield: | 8 7/8%
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Call protection: | Two years
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Trade date: | Sept. 29
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Settlement date: | Oct. 14
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Ratings: | Moody's: Caa1
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| S&P: B+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 8 7/8% to 9 1/8%
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Marketing: | Roadshow
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