Landsea homes announces private placement of $250 million in senior unsecured notes

Dallas, july 18, 2023 (globe newswire) -- 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.
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