IRVINE, Calif.--(BUSINESS WIRE)--
TRI Pointe Homes, Inc. (NYSE: TPH) today announced the final results of
its offers to exchange (the “Exchange Offers”):
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$450,000,000 aggregate principal amount of newly issued 4.375% Senior
Notes due 2019 (the “New 2019 Notes”) that have been registered under
the Securities Act of 1933, as amended (the “Securities Act”), and the
related guarantees, for a like principal amount of outstanding
restricted 4.375% Senior Notes due 2019 (the “Outstanding 2019
Notes”), and the related guarantees; and
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$450,000,000 aggregate principal amount of newly issued 5.875% Senior
Notes due 2024 (the “New 2024 Notes” and, together with the New 2019
Notes, the “New Notes”) that have been registered under the Securities
Act, and the related guarantees, for a like principal amount of
outstanding restricted 5.875% Senior Notes due 2024 (the “Outstanding
2024 Notes” and, together with the Outstanding 2019 Notes, the
“Outstanding Notes”), and the related guarantees.
The Exchange Offers expired at 5:00 p.m. New York City time on June 17,
2015 (the “Expiration Date”). As of the Expiration Date, $450,000,000
aggregate principal amount, or 100%, of the Outstanding 2019 Notes and
$450,000,000 aggregate principal amount, or 100%, of the Outstanding
2024 Notes, had been tendered for exchange in the Exchange Offers. TRI
Pointe accepted all of the Outstanding Notes tendered in exchange for a
like principal amount of the corresponding series of New Notes.
Settlement occurred on June 18, 2015.
The New Notes are guaranteed by TRI Pointe’s subsidiaries that
guaranteed the Outstanding Notes. The Exchange Offers will not affect
TRI Pointe’s outstanding debt levels, as New Notes were issued only upon
cancellation of a like principal amount of the corresponding series of
Outstanding Notes. The sole purpose of the Exchange Offers was to
fulfill TRI Pointe’s obligations under the registration rights
agreements with holders of the Outstanding Notes.
Additional Information
This press release is for informational purposes only and is neither an
offer to buy, nor a solicitation of an offer to sell, the New Notes. The
Exchange Offers were made solely pursuant to the prospectus dated
May 19, 2015.
About TRI Pointe
Headquartered in Irvine, California, TRI Pointe (NYSE: TPH) is one of
the top ten largest public homebuilders by equity market capitalization
in the United States. The company designs, constructs and sells premium
single-family homes through its portfolio of six quality brands across
eight states, included Maracay Homes in Arizona; Pardee Homes in
California and Nevada; Quadrant Homes in Washington; Trendmaker Homes in
Texas; TRI Pointe Homes in California and Colorado; and Winchester Homes
in Maryland and Virginia. Additional information is available at www.tripointegroup.com.
Forward-Looking Statements
Various statements contained in this press release, including those that
express a belief, expectation or intention, as well as those that are
not statements of historical fact, are forward-looking statements. Our
forward-looking statements are generally accompanied by words such as
“estimate,” “project,” “predict,” “believe,” “expect,” “intend,”
“anticipate,” “potential,” “plan,” “goal,” “will,” or other words that
convey future events or outcomes. The forward-looking statements in this
press release speak only as of the date of this press release, and we
disclaim any obligation to update these statements unless required by
law, and we caution you not to rely on them unduly. These
forward-looking statements are inherently subject to significant
business, economic, competitive, regulatory and other risks,
contingencies and uncertainties, most of which are difficult to predict
and many of which are beyond our control. The following factors, among
others, may cause our actual results, performance or achievements to
differ materially from any future results, performance or achievements
expressed or implied by these forward-looking statements: the effect of
general economic conditions, including employment rates, housing starts,
interest rate levels, availability of financing for home mortgages and
strength of the U.S. dollar; market demand for our products, which is
related to the strength of the various U.S. business segments and U.S.
and international economic conditions; levels of competition; the
successful execution of our internal performance plans, including
restructuring and cost reduction initiatives; global economic
conditions; raw material prices; oil and other energy prices; the effect
of weather; the risk of loss from earthquakes, volcanoes, fires, floods,
droughts, windstorms, hurricanes, pest infestations and other natural
disasters; transportation costs; federal and state tax policies; the
effect of land use, environment and other governmental regulations;
legal proceedings; risks relating to any unforeseen changes to or
effects on liabilities, future capital expenditures, revenues, expenses,
earnings, synergies, indebtedness, financial condition, losses and
future prospects; the risk that disruptions from the Weyerhaeuser Real
Estate Company (“WRECO”) transaction will harm our business; our ability
to achieve the benefits of the WRECO transaction in the estimated amount
and the anticipated timeframe, if at all; our ability to integrate WRECO
successfully and to achieve the anticipated synergies therefrom; changes
in accounting principles; our relationship, and actual and potential
conflicts of interest, with Starwood Capital Group or its affiliates;
and additional factors discussed under the sections captioned “Risk
Factors” included in our annual and quarterly reports filed with the
Securities and Exchange Commission (“SEC”). The foregoing list is not
exhaustive. New risk factors may emerge from time to time and it is not
possible for management to predict all such risk factors or to assess
the impact of such risk factors on our business.
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Source: TRI Pointe Group