The New Home Company Inc. (NYSE: NWHM) (the “Company”) late Friday announced that it has priced a private offering of $250 million in aggregate principal amount of 7.250% senior notes due 2022].
The 2022 notes will be issued at an offering price of 98.961% of their face amount, which represents a yield to maturity of 7.5%. The company expects to close this offering on March 17, 2017, subject to the satisfaction of customary closing conditions.
New Home said it intends to use the net proceeds from this offering to repay all borrowings outstanding under its senior unsecured revolving credit facility, and the remainder of the net proceeds from the offering will be used for general corporate purposes.
