IRVINE, Calif.--(BUSINESS WIRE)--
TRI Pointe Group, Inc. (NYSE: TPH) today announced the proposed public
offering by the company of $300 million aggregate principal amount of
senior notes, subject to market and other conditions. Citigroup, J.P.
Morgan, Wells Fargo Securities, Credit Suisse and Deutsche Bank
Securities are acting as joint book-running managers for the proposed
notes offering and US Bancorp, Fifth Third Securities and Zelman
Partners LLC are acting as co-managers for the proposed notes offering.
The company expects that the notes will have a five-year maturity.
However, the interest rate, maturity date, size of the offering and
other terms of the notes will be determined at the time of pricing of
the offering by the company and the underwriters. The notes will be,
jointly and severally, guaranteed by all of the company’s wholly owned
domestic subsidiaries to the extent they guarantee the company’s
unsecured revolving credit facility. The notes are expected to be pari
passu in right of payment with the company’s existing senior
unsecured notes.
The company intends to use the net proceeds from the proposed sale of
the notes to repay approximately $275 million of borrowings under its
$625 million unsecured revolving credit facility, which matures on May
18, 2019, and the remainder of the net proceeds for general corporate
purposes, which may include but are not limited to, the repayment of
outstanding indebtedness, the acquisition of additional properties, the
repurchase of shares of its common stock pursuant to its previously
announced stock repurchase program, working capital and capital
expenditures.
The company has an effective registration statement (including a base
prospectus and a preliminary prospectus supplement for the offering to
which this communication relates) on file with the Securities and
Exchange Commission (the “SEC”). Before you invest, you should read the
prospectus in that registration statement (including the preliminary
prospectus supplement for the offering to which this communication
relates) and other documents that the company has filed and will file
with the SEC for more complete information about the company and the
proposed offering. You may obtain these documents for free by visiting
the SEC’s EDGAR web site at www.sec.gov.
Alternately, copies of the preliminary prospectus supplement and base
prospectus related to this offering may be obtained from Citigroup
Global Markets Inc., Attention: Broadridge Financial Solutions at 1155
Long Island Avenue, Edgewood, NY 11717 or toll free at (800) 831-9446.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale
of such securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
About TRI Pointe Group, Inc.
Headquartered in Irvine, California, TRI Pointe Group, Inc. (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, including 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.
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.
These forward-looking statements may include projections and estimates
concerning the timing and success of specific projects and our future
production, land at lot sales, operational and financial results,
financial condition, prospects, capital spending and the anticipated use
of the proceeds of the offering. Our forward-looking statements are
generally accompanied by words such as “anticipate,” “believe,”
“estimate,” “goal,” “expect,” “intend,” “project,” “potential,” “plan,”
“predict,” “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, including the continuing drought in California; 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; changes
in accounting principles; risks related to unauthorized access to our
computer systems, theft of our customers’ confidential information or
other forms of cyber-attack; 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. 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, Inc.