TRI Pointe Group, Inc. Announces Upsizing and Pricing of $350 Million of Senior Notes Due 2028
IRVINE, Calif., June 03, 2020 (GLOBE NEWSWIRE) -- TRI Pointe Group, Inc. (NYSE: TPH) (the “Company”) announced the pricing of its previously announced public offering of $350 million aggregate
principal amount of senior notes, representing an increase of $50 million in aggregate principal amount from the initially proposed offering size. Citigroup, J.P. Morgan, Wells Fargo
Securities, Credit Suisse and US Bancorp are acting as joint book-running managers and Fifth Third Securities, SunTrust Robinson Humphrey, BMO Capital Markets, Regions Securities LLC and Zelman
Partners LLC are acting as co-managers for the notes offering.
The notes will pay interest semi-annually in arrears at a rate of 5.700% per year and will mature on June 15, 2028, unless earlier redeemed. The notes will be jointly and severally guaranteed by all of the Company’s wholly owned domestic subsidiaries to the extent they guarantee the Company’s existing credit facility. The notes will be pari passu in right of payment with the Company’s existing credit facility and existing senior unsecured notes.
The Company intends to use the net proceeds from the offering, together with cash on hand, to finance a concurrent tender offer (the “Tender Offer”) to purchase for cash, subject to certain conditions, any and all of its outstanding 4.875% senior notes due 2021. The Company intends to use net proceeds exceeding the amount used to repurchase notes in the Tender Offer for general corporate purposes, including the repayment of the Company’s outstanding indebtedness. The Tender Offer is being made pursuant to an offer to purchase dated June 3, 2020.
The closing of the notes offering is expected to occur on June 10, 2020, subject to customary closing conditions. The Company has an effective registration statement (including a base prospectus and a preliminary prospectus supplement for the offering to which this communication relates) on file with the Securities and Exchange Commission (the “SEC”). Before you invest, you should read the prospectus in that registration statement (including the preliminary prospectus supplement for the offering to which this communication relates) and other documents that the Company has filed and will file with the SEC for more complete information about the Company and the notes offering. You may obtain these documents for free by visiting the SEC’s EDGAR website at www.sec.gov. Alternately, copies of the preliminary prospectus supplement and base prospectus related to this offering may be obtained from Citigroup, Attention: Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, NY 11717 or toll free at (866) 803-9204.