CalAtlantic Group Plans $300 Million Senior Notes Offering

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CalAtlantic Group, Inc.
CAA
revealed that it plans a public offering of $300 million aggregate principal amount of senior notes. The Company expects that the notes would have a ten-year maturity. However, the interest rate, maturity date and other terms of the notes would be determined at the time of pricing of the offering by it, as well as, the underwriters. The company added that the Senior notes would be guaranteed on a senior unsecured basis by its subsidiaries that guarantee the Company's outstanding notes. CalAtlantic Group said that it plans to use a part of the net proceeds of the notes to repay or repurchase its 10 3⁄4% Senior Notes due September 2016, and, pending the use of the net proceeds for such purpose, for general corporate purposes. That may included land acquisition and development, home construction, repurchases of its common stock and repayment of the Company's debt. The company also stated that J.P. Morgan Securities LLC, Citigroup, Mizuho Securities USA Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC have acted as joint book-running managers. Similarly, BNP Paribas Securities Corp., SunTrust Robinson Humphrey, Inc., Comerica Securities, Inc. and U.S. Bancorp Investments, Inc. are acting as co-managers for the planned notes offering. The stock traded 1.38 percent higher on Wednesday.
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Posted In: NewsFinancingOfferingsPress Releases
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