Market Overview

NVR Announces Pricing of $600 Million of Senior Notes Due 2022


NVR (NYSE: NVR), one of the nation's largest homebuilding companies, announced the pricing of its underwritten public offering of $600 million aggregate principal amount of senior notes. The senior notes will bear interest at a rate of 3.95% per year and will mature in 2022. Interest on the notes is payable on March 15 and September 15 of each year, beginning on March 15, 2013. The notes will be unsecured, unsubordinated obligations of NVR. The closing of the offering is expected to occur on September 10, 2012, subject to customary closing conditions.

NVR estimates that the net proceeds of this offering will be approximately $593.7 million, after deducting the underwriting discounts and estimated offering expenses. NVR intends to use the net proceeds from the offering for general corporate purposes, which may include repurchases of its common shares.

The offering is being made pursuant to an automatic shelf registration statement filed with the Securities and Exchange Commission on September 5, 2012. A prospectus supplement and related prospectus relating to the public offering have been filed with the Securities and Exchange Commission.

Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC are serving as joint book-running managers for the offering.

Posted-In: News Financing


Related Articles (NVR)

View Comments and Join the Discussion!

Partner Center