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10 million CalAtlantic shares on offer prices

CalAtlantic Group Inc. announced that 10.0 million of its shares being offered by MP CA Homes LLC have been priced at $34.25 apiece.

The selling stockholder, which is an affiliate of MatlinPatterson Global Advisers LLC, is expecting gross proceeds of roughly $342.5 million, while CalAtlantic will not get any portion of the proceeds.

Underwriters of the issuance, for which Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are joint book-running managers, also have the option to buy 1,500,000 more CalAtlantic shares.

In addition, CalAtlantic said the deal with MP CA Homes to repurchase 3,010,008 of its shares through a private, non-underwritten transaction was also priced similar to that of what the underwriters are paying.

The share offering will close June 14, and the repurchase deal is expected to be consummated concurrently with the public offering and is conditioned upon the closing of the public offering.