CalAtlantic Group Inc. priced an upsized offering of $225 million of senior notes.
The offering comprises $125 million of additional notes to the company's existing 5.875% notes due 2024 and $100 million of additional notes to its existing 5.25% notes due 2026.
The company priced the additional 2024 notes and additional 2026 notes at 104.5% of their face value to yield 5.152% and 98.5% of their face value to yield 5.459%, respectively.
The company aims to use the net proceeds to repay or repurchase its 8.4% senior notes due in May, and for general corporate purposes.
Mizuho Securities USA Inc. is the sole book-running manager for the offering, which is expected to close April 4.