Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the
“Company”) announced today that it has entered into a note purchase
agreement (“the Note Purchase Agreement”) with various investors,
including funds and accounts managed by BlackRock Financial
Management Inc. and affiliates thereof (“BlackRock”) and Angelo,
Gordon & Co., L.P. (“Angelo Gordon”). The Note Purchase
Agreement provides for the private placement of $250,000,000
aggregate principal amount of 11% senior notes due 2028 (the
“Notes”). The Notes will be guaranteed, jointly and severally, on a
senior unsecured basis, by most of the Company’s subsidiaries (the
“Guarantors”) and will rank pari passu with all other unsecured and
unsubordinated indebtedness of the Company and
Guarantors. The Company intends to use the net proceeds
from the sale of the Notes to pay down a portion of the outstanding
borrowings under its revolving credit facility and for working
capital and general corporate purposes.
“We are very pleased to be working with BlackRock and Angelo
Gordon—two exceptional institutional partners – on the placement of
senior unsecured notes,” said John Ho, Chief Executive of Landsea
Homes. “This transaction represents another milestone for Landsea
Homes by enabling us to have additional financial flexibility and
new capital resources to drive our continued growth within the
homebuilding industry.”
The Notes will be offered in reliance on the exemption from
registration provided by Section 4(a)(2) of the Securities Act of
1933, as amended (the “Securities Act”). The Notes have not been
and will not be registered under the Securities Act or any state
securities laws. The Notes may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act or any state
securities laws.
Moelis & Company has served as lead placement agent to the
Company in connection with this financing.
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy, nor shall there be any sale of any
securities in any state or jurisdiction in which such an offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Landsea Homes Corporation
Landsea Homes Corporation (Nasdaq: LSEA) is a publicly
traded residential homebuilder based in Dallas, Texas that designs
and builds best-in-class homes and sustainable master-planned
communities in some of the nation’s most desirable markets. The
company has developed homes and communities in New York, Boston,
New Jersey, Arizona, Florida, Texas and throughout California in
Silicon Valley, Los Angeles, and Orange County. Landsea Homes
was named the 2022 winner of the prestigious Builder of the Year
award, presented by BUILDER magazine, in recognition of a
historical year of transformation.
An award-winning homebuilder that builds suburban, single-family
detached and attached homes, mid-and high-rise properties, and
master-planned communities, Landsea Homes is known for creating
inspired places that reflect modern living and provides homebuyers
the opportunity to “Live in Your Element.” Our homes allow people
to live where they want to live, how they want to live – in a home
created especially for them.
Driven by a pioneering commitment to
sustainability, Landsea Homes’ High Performance Homes are
responsibly designed to take advantage of the latest innovations
with home automation technology supported by Apple®. Homes include
features that make life easier and provide energy savings that
allow for more comfortable living at a lower cost through
sustainability features that contribute to healthier living for
both homeowners and the planet.
Led by a veteran team of industry professionals who boast years
of worldwide experience and deep local expertise, Landsea Homes is
committed to positively enhancing the lives of our homebuyers,
employees, and stakeholders by creating an unparalleled lifestyle
experience that is unmatched.
For more information on Landsea Homes, visit:
www.landseahomes.com.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. These statements constitute projections,
forecasts, and forward-looking statements, and are not guarantees
of performance. Landsea Homes cautions that forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which change over time. Words such as "may," "can,"
"should," "will," "estimate," "plan," "project," "forecast,"
"intend," "expect," "anticipate," "believe," "seek," "target,"
"look" or similar expressions may identify forward-looking
statements.
These forward-looking statements are based on information
available as of the date of this press release and our management's
current expectations, forecasts, and assumptions, and involve a
number of judgments, risks and uncertainties that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to,
the risk factors described by Landsea Homes in its filings with the
SEC. Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and you
should not place undue reliance on these forward-looking statements
in deciding whether to invest in our securities. These
forward-looking statements speak only as of the date of this press
release. We do not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Investor Relations Contact:Drew
MackintoshMackintosh Investor Relations,
LLCdrew@mackintoshir.com(310) 924-9036
Media Contact:Annie NoebelCornerstone
Communicationsanoebel@cornerstonecomms.com(949) 449-2527
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