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CHARLOTTE, N.C., Sept. 29, 2016 -- Crescent Communities, LLC (the “Company”) announced today that the Company and its wholly owned subsidiary, Crescent Ventures, Inc. (together with the Company, the “Issuers”), have priced an offering of their $400 million aggregate principal amount of 8.875% Senior Secured Notes due 2021 (the “Notes”). The Notes will be issued at par, plus accrued interest, if any, from the settlement date, October 14, 2016. The Notes will mature on October 15, 2021, unless repurchased or redeemed in accordance with their terms prior to such date.
The Issuers intend to use the net proceeds from the offering, as well as existing unrestricted cash, to redeem and repay all of their outstanding 10.250% Senior Secured Notes due 2017 (the “2017 Notes”) pursuant to the terms of the indenture governing the 2017 Notes. The Notes will be fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by the Company’s parent company, Crescent Direct Holdings, LLC, and each of its direct and indirect domestic, wholly owned subsidiaries other than the Issuers, certain immaterial subsidiaries, certain special purpose entities and certain entities that are prohibited from providing a guarantee by their organizational documents and/or other agreements. As noted above, the offering is expected to close on October 14, 2016, subject to customary closing conditions.
The Notes are being sold to qualified institutional buyers in the United States in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside of the United States in accordance with Regulation S under the Securities Act. The Notes have not been, and will not be, registered under the Securities Act or any state or other jurisdiction’s securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdiction’s securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities, nor shall there be any offer, solicitation or sale of the Notes or any other securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful. In addition, nothing in this press release shall be deemed to be a notice of redemption for the 2017 Notes.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the securities laws. Forward-looking statements are not guarantees. The Company believes that its expectations reflected in the forward-looking statements are based on its reasonable beliefs, assumptions and expectations, and have taken into account all information currently available to the Company. Such beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of future economic, competitive and market conditions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. The Company can give no assurance that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on the Company’s results of operations and financial condition. The Company undertakes no obligation to update or revise the forward-looking statements to reflect events or circumstances that arise after the date of this press release.
About Crescent Communities
Crescent Communities, LLC is a leading real estate investment and operating firm creating long-term value by developing thoughtful, sustainable communities that improve people’s lives. Founded in 1963, Crescent’s original mandate as a land management company continues to inform its commitment to the wise stewardship of natural resources. The Company finances, plans and develops single family, multifamily, mixed-used and commercial properties and land assets, valued in total at over $1.2 billion. Crescent is recognized for its innovative approach to development, robust capital deployment, seasoned leadership team and proven model of sustainability. For more information, visit www.CrescentCommunities.com.
FOR INFORMATION CONTACT: Tony Wilbert, [email protected] 404-384-2210
