TRI Pointe Group Inc. priced an upsized offering of $300 million of senior notes.
The notes, guaranteed by the company's wholly owned domestic subsidiaries, will pay interest semiannually at a 5.25%-per-annum rate and will mature June 1, 2027.
The offering, which initially comprised $250 million. of senior notes, is expected to close June 8, subject to certain conditions.
The company plans to use the net proceeds from the offering to repay about $200 million of borrowings under its $625 million unsecured revolving credit facility, which matures May 18, 2019. The remainder will be used for general corporate purposes.
J.P. Morgan, Citigroup, Credit Suisse, Wells Fargo Securities and U.S. Bancorp are the joint book-running managers for the offering, while Fifth Third Securities and Zelman Partners LLC are the co-managers.