The New Home Company Inc. Announces Pricing of Private Tack-on Offering of 7.25% Senior Notes Due 2025
23 February 2021 - 8:50AM
Business Wire
The New Home Company Inc. (NYSE: NWHM) (the “Company”) today
announced that it has priced a private tack-on offering (the
“Offering”) of $35.0 million in aggregate principal amount of its
7.25% senior notes due 2025 (the “2025 notes”). The 2025 notes will
be issued at an offering price of 103.25% of their face amount,
which represents a yield to maturity of 6.427%. The Company expects
to close this offering on February 24, 2021, subject to the
satisfaction of customary closing conditions.
The Company intends to use the net proceeds from this offering
for general corporate purposes, including land acquisition,
investment in new markets and working capital, and to pay fees and
expenses in connection with the Offering. The 2025 notes are an
additional issuance of our existing 7.25% Senior Notes due 2025 and
will be issued under the indenture dated as of October 28, 2020
(the “Indenture”), pursuant to which we previously issued
$250,000,000 in aggregate principal amount of 7.25% Senior Notes
due 2025 (the “existing 2025 notes”). The 2025 notes have identical
terms as the existing 2025 notes other than with respect to the
date of issuance and issue price. The 2025 notes, together with the
existing 2025 notes, will be treated as a single class for all
purposes under the Indenture.
The 2025 notes are being offered and sold to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended (the “Securities
Act”), and to non-U.S. persons outside the United States in
compliance with Regulation S under the Securities Act. The 2025
notes have not been registered under the Securities Act or the
securities laws of any other jurisdiction and may not be offered or
sold in the United States absent registration or an applicable
exemption from such registration requirements.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the 2025 notes or any other
securities and shall not constitute an offer or a solicitation of
an offer to buy, or a sale of, the 2025 notes or any other
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any state or any
jurisdiction. Any offer, if at all, will be made only pursuant to
Rule 144A or Regulation S under the Securities Act.
Forward-Looking Statements
Various statements contained in this press release, including
those that express a belief, anticipation, expectation or
intention, as well as those that are not statements of historical
fact, are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 (set forth in
Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended). Any statements contained herein
that do not describe historical facts, including but not limited to
statements regarding the offering, the anticipated use of proceeds
of the offering and the expectations regarding size and timing of
completion of the offering, are forward-looking statements that
involve risks and uncertainties that could cause actual results to
differ materially from those discussed in such forward-looking
statements. Such risks and uncertainties include, among others, the
risks identified in the Company’s filings with the Securities and
Exchange Commission, including, but not limited to, the Company’s
Annual Report on Form 10-K for the year ended December 31, 2020.
Any of these risks and uncertainties could materially and adversely
affect the Company’s results of operations, which would, in turn,
have a significant and adverse impact on the Company. The Company
cautions you not to place undue reliance on any forward-looking
statements, which speak only as of the date they are made. The
Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events or
circumstances after the date they were made or to reflect the
occurrence of unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20210222005917/en/
Investor Relations | Drew Mackintosh | 949-382-7838 |
investorrelations@nwhm.com
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