IRVINE, Calif., March 30, 2017 /PRNewswire/ -- CalAtlantic
Group, Inc. (NYSE: CAA) today announced the proposed public
offering by the Company of $200
million aggregate principal amount of senior notes, with a
portion of the proposed new notes to be additional notes to the
Company's outstanding 5.875% senior notes due 2024 and the other
portion to be additional notes to the Company's outstanding 5.25%
senior notes due 2026. Mizuho Securities USA Inc. is acting as sole bookrunning
manager for the proposed notes offering. The notes will
be guaranteed on a senior unsecured basis by the Company's
subsidiaries that guarantee the Company's outstanding notes.
The Company intends to use the net proceeds of the notes
offering to repay or repurchase the Company's 8.4% Senior Notes due
May 2017, and, pending the use of the
net proceeds for such purpose, for general corporate purposes,
which may include land acquisition and development, home
construction, repurchases of the Company's common stock and
repayment of the Company's debt.
The Company has an effective registration statement (including a
prospectus and a preliminary prospectus supplement for the offering
to which this communication relates) on file with the Securities
and Exchange Commission (the "SEC"). Before you invest, you
should read the prospectus in that registration statement
(including the preliminary prospectus supplement for the offering
to which this communication relates) and other documents the
Company has filed and will file with the SEC for more complete
information about the Company and the proposed offering. You
may obtain these documents for free by visiting EDGAR on the SEC
web site at www.sec.gov. Alternately, copies of the
prospectus supplement and related base prospectus related to this
offering may be obtained from Mizuho Securities USA Inc., 320 Park Avenue – 12th Floor,
New York, New York 10022;
telephone 1-866-271-7403.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any
sale of such securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
About CalAtlantic Group, Inc.
CalAtlantic Group, Inc. (NYSE: CAA) offers homes in 41
Metropolitan Statistical Areas spanning 17 states.
This news release contains forward-looking statements.
These statements include but are not limited to statements
regarding the proposed offering, the expected term and the intended
use of the net proceeds from the offering. Forward-looking
statements are based on our current expectations or beliefs
regarding future events or circumstances, and you should not place
undue reliance on these statements. Such statements involve
known and unknown risks, uncertainties, assumptions and other
factors many of which are out of the Company's control and
difficult to forecast that may cause actual results to differ
materially from those that may be described or implied. The
Company cannot be certain that the offering will be completed on
the terms discussed above, or at all. For a discussion of
certain other risks, uncertainties and other factors affecting the
statements contained in this news release, see the Company's Annual
Report on Form 10-K for the year ended December 31, 2016. Except as required by
law, the Company assumes no, and hereby disclaims any,
obligation to update any of the foregoing or any other
forward-looking statements. The Company nonetheless reserves
the right to make such updates from time to time by press release,
periodic report or other method of public disclosure without the
need for specific reference to this news release. No such
update shall be deemed to indicate that other statements not
addressed by such update remain correct or create an obligation
to provide any other updates.
Contact:
Jeff McCall, EVP & CFO (240)
532-3888, jeff.mccall@calatl.com
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SOURCE CalAtlantic Group, Inc.