AV Homes’ $400 Million High Yield Offering


Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with an offering by AV Homes, Inc. of $400 million aggregate principal amount of its 6.625% Senior Notes due 2022 under Rule 144A and Regulation S.

AV Homes intends to use the net proceeds from the offering to fund the repurchase or redemption of its outstanding high yield notes, repay borrowings under its revolving credit facility and for general corporate purposes.

AV Homes is a homebuilder engaged in the business of homebuilding and community development in Florida, the Carolinas and Arizona. AV Homes focuses on the development and construction of (i) primary residential communities, which serve first time and move-up buyers, and (ii) active adult communities, which are age-restricted to the age-55-and-over active adult demographic.

The Simpson Thacher team included John C. Ericson (Picture), John O’Connell and Brandon Whittaker (Capital Markets); Adeeb Fadil (Environmental); Jennifer Pepin (Executive Compensation and Employee Benefits); and Rob Holo and John Torrenti (Tax).

Involved fees earner: John Ericson – Simpson Thacher & Bartlett; John O’Connell – Simpson Thacher & Bartlett; Brandon Whittaker – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Jennifer Pepin – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; John Torrenti – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: JP Morgan Securities;

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Author: Ambrogio Visconti