UPDATE: KB Home Announces Offering of $250M Senior Notes

KB Home (NYSE: KBH) today announced that it has commenced a public offering for $250 million in aggregate principal amount of senior notes.

KB Home intends to apply all or a portion of the net proceeds from the senior notes offering toward the payment of the purchase price of notes validly tendered and accepted for purchase in its previously announced cash tender offers for up to $250 million in aggregate principal amount of its outstanding 5¾% Senior Notes due 2014 and of its 5⅞% Senior Notes due 2015 and 6¼% Senior Notes due 2015.

After such payment for the 2014/2015 Notes, KB Home intends to use any remaining net proceeds from the sale of the senior notes for general corporate purposes.