Green Brick Partners Closes 3.25% $125 Million Senior Unsecured Notes Offering

Green Brick Partners has issued $125.0 million of senior unsecured notes due in 2028 at 3.25% in a Section 4(a)(2) private placement transaction

PLANO, Texas, March 04, 2021 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (NASDAQ: GRBK) (the "Company"), a national homebuilding and land development firm, announced today that the Company has issued $125 million of senior unsecured notes due in 2028 at a fixed rate of 3.25% per annum in a club deal structured by Prudential Private Capital as a Section 4(a)(2) private placement transaction.

This is the third issuance of senior notes by the Company, following the issuance of $75.0 and $37.5 million of senior unsecured notes to Prudential Private Capital over the past two years. Green Brick Partners expects to use the proceeds to repay borrowings under its existing revolving credit facilities, pay fees and expenses incurred in connection with the transaction, and for general corporate purposes.

The institutional investors who purchased the notes were represented by Prudential Private Capital, Barings LLC, Hartford Investment Management Company, Securian Asset Management, Inc., and Voya Investment Management Co. LLC.  Prudential Private Capital structured the club deal.

"We are very pleased to be working with Prudential Private Capital once again and are delighted to be developing long-term relationships with other exceptional institutional partners as part of this club deal,” said Richard Costello, Chief Financial Officer of Green Brick Partners. “Our established track record of risk-adjusted growth, positions in some of the best homebuilding markets in the country, and outstanding returns among our peers has enabled us to price 7-year notes at a fixed rate of 3.25%, comparable to long-term rates paid by lower-leveraged large-cap builders.”

“Following this offering, we believe our capital structure will position us remarkably well to deliver on our growth objectives and provide Green Brick and our Team Builders with another source of efficient long-term capital,” said Jim Brickman, CEO and Co-Founder of Green Brick Partners. “We continue to strive to deliver the best risk-adjusted returns in the industry, and believe this transaction represents another positive step in doing so, by laddering debt maturities and locking-in long-term borrowings at attractive rates.”