KB Home Announces Early Tender Offer Results

KB Home (NYSE: KBH), one of the nation’s premier homebuilders, today announced the expiration of the early tender period for its previously announced cash tender offers for any and all of its 5 ³/4% Senior Notes due 2014 (the “2014 Notes”), and up to $150 million in aggregate principal amount, less any amount accepted in the tender offer for the 2014 Notes, of its 5  ⁷/8% Senior Notes due 2015 and 6  ¹/4% Senior Notes due 2015 (the “2015 Notes” and, together with the 2014 Notes, the “2014/2015 Notes”), as of 5:00 p.m., New York City time, on July 23, 2012 (the “Early Tender Date”). According to Global Bondholder Services Corporation, the depositary and information agent for the tender offers, as of the Early Tender Date, KB Home has received valid tenders in aggregate principal amount of $243.4 million from holders of the 2014/2015 Notes as set forth in the table below:

Title of Security					CUSIP Number		Principal Amount Outstanding			Acceptance Priority Level		Principal Amount Tendered			Tender Offer Consideration			Early Tender Premium (a)
2014 Note Tender Offer
5 3/4% Senior Notes due 2014					48666KAH2		$	193,696,000		1		$	117,551,000		$	1,010.00		$	30.00
2015 Note Tender Offers
5 7/8% Senior Notes due 2015					48666KAL3		$	170,007,000		2		$	66,788,000		$	990.00		$	30.00
6 1/4% Senior Notes due 2015					48666KAM1		$	296,297,000		2		$	59,056,000		$	990.00		$	30.00
(a)		As set forth in the Offer to Purchase described below, the early tender premium will be payable only to holders of the 2014/2015 Notes, as the case may be, that were validly tendered (and not validly withdrawn) as of the Early Tender Date, and that are accepted for purchase.

The tender offers are scheduled to expire at 11:59 p.m., New York City time, on August 7, 2012 (the “Expiration Date”), unless extended or earlier terminated by KB Home. The tender offers are being made pursuant to an Offer to Purchase dated July 11, 2012 and a related Letter of Transmittal, which set forth a more detailed description of the tender offers.

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