Landsea Homes Corp: M&A transaction — Landsea Homes closes Antares acquisition for $185M cash; issues $300M 8.875% Senior Notes due 2029

Landsea Homes Corp

Acquired Antares Homes for total consideration of approx. $242.5M, including $185M cash purchase price and $43.2M debt repayment.
Adds 2,254 owned or controlled lots and expands DFW footprint to 13 cities in Texas.
Issued $300M in 8.875% Senior Notes due 2029; interest paid semi-annually, callable at make-whole premium prior to April 2026.
Notes are senior unsecured, ranking pari passu with existing unsecured debt; covenants limit additional debt and dividends.
CEO John Ho states acquisition continues goal toward becoming one of Texas' top homebuilders.

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Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Landsea Homes Corp incurred senior notes of $300.0 million with U.S. Bank Trust Company, National Association at 8.875% maturing April 1, 2029.

Instrument: senior notes
Principal: $300.0 million
Counterparty: U.S. Bank Trust Company, National Association
Rate: 8.875%
Maturity: April 1, 2029
Event: incurrence

Exact text from the filing

Landsea Homes Corporation, a Delaware corporation (the “ Company ”), completed the sale to certain purchasers (the “ Offering ”) of $300.0 million in aggregate principal amount of 8.875% Senior Notes due 2029

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Landsea Homes Corp completed an acquisition involving Antares Acquisition, LLC for $185.0 million (closed 2024-04-01).

Action: acquisition
Counterparty: Antares Acquisition, LLC
Consideration: $185.0 million
Closing: 2024-04-01

Exact text from the filing

the Company, Antares, and the individuals and entities identified in the Purchase Agreement as sellers (collectively, the “ Sellers ”), for an aggregate cash purchase price of $185.0 million, subject to certain adjustments as further described in the Purchase Agreement, as amended. The foregoing description of the Purchase Agreement is not complete and is qualified

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Landsea Homes Corp entered into Indenture with U.S. Bank Trust Company, National Association valued at $300.0 million (effective 2024-04-01).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $300.0 million
Effective: 2024-04-01

Exact text from the filing

On April 1, 2024, Landsea Homes Corporation, a Delaware corporation (the “ Company ”), completed the sale to certain purchasers (the “ Offering ”) of $300.0 million in aggregate principal amount of 8.875% Senior Notes due 2029 (the “ Notes ”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001731122-24-000556

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