TRI Pointe Homes, Inc. designs, constructs, and sells single-family homes. The company also acquires and develops land. It operates a portfolio of six brands across eight states, including Maracay Homes in Arizona, Pardee Homes in California and Nevada, Quadrant Homes in Washington, Trendmaker Homes in Texas, TRI Pointe Homes in California and Colorado, and Winchester homes in Maryland and Virginia. The company is based in Irvine, California. TRI Pointe Homes, Inc. operates as a subsidiary of Weyerhaeuser NR Company.
19520 Jamboree Road
Irvine, CA 92612
Weyerhaeuser Real Estate Company Announces Complete the Sale of $450 Million Principal Amount of Senior Notes Due 2019
Jun 16 14
Weyerhaeuser Real Estate Company has completed the sale of $450 million principal amount of its senior notes due 2019 at a fixed interest rate of 4.375% and $450 million principal amount of its senior notes due 2024 at a fixed interest rate of 5.875% through a private placement. The private placement was upsized from an initially proposed aggregate size of $800 million.
Weyerhaeuser Real Estate Company Commences Private Debt Offering
Jun 5 14
On June 2, 2014, Weyerhaeuser Real Estate Company commenced a private debt offering to certain institutional investors pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended, in connection with its proposed combination with TRI Pointe Homes Inc. In the private placement, which priced on June 4, 2014, WRECO has proposed to issue and sell $450 million aggregate principal amount of 4.375% Senior Notes due 2019 (the 2019 notes) and $450 million aggregate principal amount of 5.875% Senior Notes due 2024 (the 2024 notes and, together with the 2019 notes, the notes). The private placement is expected to close on June 13, 2014. If the proposed combination of WRECO with TRI Pointe has not been consummated on or prior to November 4, 2014, or upon the occurrence of certain other events, the notes will be subject to a special mandatory redemption. The special mandatory redemption price will be a price equal to the initial issue price of each series of notes, plus accrued and unpaid interest and accreted yield, if any, from the date such series of notes are issued up to, but not including, the payment date of such special mandatory redemption. If a special mandatory redemption occurs, WRECO will be required to fund the accrued and unpaid interest and accreted yield, if any, on each series of notes from the date the notes are issued up to, but not including the payment date of such special mandatory redemption. TRI Pointe has agreed, subject to certain exceptions, to reimburse WRECO for any such amounts. At the closing of the private placement, WRECO will deposit into two separate escrow accounts the gross proceeds from the offering of each series of notes. Pending disbursement, WRECO will grant to the trustee, for the benefit of the holders of the 2019 notes and the 2024 notes, respectively, first priority security interests in the escrow accounts relating thereto and all deposits and investments therein. The escrowed funds will be released from the escrow accounts in connection with the closing of the proposed combination of WRECO and TRI Pointe. Upon release, WRECO will use the net proceeds to pay approximately $739 million in cash to a Weyerhaeuser Company subsidiary, which cash will be retained by Weyerhaeuser Company and its subsidiaries (other than WRECO and its subsidiaries). WRECO will also pay a cash amount equal to all unpaid interest on WRECO’s intercompany debt that has accrued from the date of the transaction agreement for the proposed combination. The additional net proceeds will be used to reimburse Weyerhaeuser Company for certain fees and expenses related to the combination transaction, with the remainder being retained by WRECO for general corporate proposes. From and after the release of the escrowed funds, (a) WRECO will become a guarantor of the notes, (b) the obligations of WRECO as issuer of the notes will be assumed by, and become the sole obligations of, TRI Pointe and all of TRI Pointe’s wholly owned domestic subsidiaries that guarantee an expected new revolving credit facility (including WRECO and certain of its wholly owned domestic subsidiaries) will become guarantors of the notes.
Weyerhaeuser Real Estate Company, TRI Pointe Homes, Inc. - Special Call
Nov 4 13
To discuss about Weyerhaeuser to combine its homebuilding and real estate development business, Weyerhaeuser Real Estate Company, with Tri Pointe Homes