LGI Homes, Inc. Announces Pricing of $300 Million of Unsecured Senior Notes due 2026
June 28 2018 - 5:32PM
LGI Homes, Inc. (NASDAQ:LGIH) (“LGI Homes” or the “Company”) today
announced that it has priced its previously announced offering of
$300,000,000 aggregate principal amount of unsecured Senior Notes
due 2026 (the “Notes”) to persons reasonably believed to be
qualified institutional buyers in the United States pursuant to
Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), and to certain non-U.S. persons in transactions
outside the United States pursuant to Regulation S under the
Securities Act.
The Notes will bear interest at a rate of 6.875%
per annum. The Notes will be guaranteed, jointly and severally on a
senior unsecured basis, by the Company’s subsidiaries that
guarantee the Company’s obligations under its revolving credit
facility. The sale of the Notes is expected to be completed on July
6, 2018, subject to customary closing conditions.
LGI Homes intends to use the net proceeds from
the offering to repay a portion of the borrowings under its
revolving credit facility.
The offer and sale of the Notes and the related
guarantees have not been and will not be registered under the
Securities Act or the securities laws of any other jurisdiction and
may not be offered or sold in the United States or to, or for the
benefit of, U.S. persons absent registration under, or an
applicable exemption from, the registration requirements of the
Securities Act.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the Notes or any other
security and shall not constitute an offer, solicitation or sale in
any state or jurisdiction in which, or to any persons to whom, such
an offer, solicitation or sale would be unlawful. Any offers of the
Notes will be made only by means of a private offering
memorandum.
About LGI Homes, Inc.
Headquartered in The Woodlands, Texas, LGI
Homes, Inc. engages in the design, construction and sale of homes
in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North
Carolina, South Carolina, Washington, Tennessee, Minnesota and
Oklahoma. The Company has a notable legacy of more than 15 years of
homebuilding operations, over which time it has closed over 24,000
homes. For more information about the Company and its new home
developments please visit the Company’s website at
www.LGIHomes.com.
Forward-Looking Statements
Any statements made in this press release that
are not statements of historical fact, including statements about
the Company’s beliefs and expectations, are forward-looking
statements within the meaning of the federal securities laws, and
should be evaluated as such. Forward-looking statements include
statements relating to, among other things, statements about the
closing of the offering of the Notes, the intended use of proceeds
thereof or other aspects of the offering of the Notes.
Forward-looking statements can generally be identified by the use
of forward-looking terminology, including the terms “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “forecast,”
“goal,” “intend,” “may,” “objective,” “plan,” “potential,”
“predict,” “projection,” “should,” “will” or, in each case, their
negative, or other variations or comparable terminology. For more
information concerning factors that could cause actual results to
differ materially from those contained in the forward-looking
statements please refer to the “Risk Factors” section in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2017, including the “Cautionary Statement about
Forward-Looking Statements” subsection within the “Risk Factors”
section, and subsequent filings by the Company with the Securities
and Exchange Commission.
The Company bases these forward-looking
statements on its current expectations, plans and assumptions that
it has made in light of its experience in the industry, as well as
its perceptions of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
under the circumstances and at such time. As you read and consider
this press release, you should understand that these statements are
not guarantees of future performance or results. The
forward-looking statements are subject to and involve risks,
uncertainties and assumptions and you should not place undue
reliance on these forward-looking statements. Although the Company
believes that these forward-looking statements are based on
reasonable assumptions at the time they are made, you should be
aware that many factors could cause actual results to differ
materially from those expressed in the forward-looking statements.
The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. If the Company does update one or more
forward-looking statements, there should be no inference that it
will make additional updates with respect to those or other
forward-looking statements.
CONTACT:
Investor Relations:Caitlin Stiles, (281)
210-2619InvestorRelations@LGIHomes.com
Source: LGI Homes, Inc.
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