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KB Home Announces Proposed Concurrent Underwritten Public Offerings Of Common Stock And Convertible Senior Notes Of $250 Million In The Aggregate

Stocks in this article: KBH

KB Home (NYSE: KBH), one of the nation’s largest and most recognized homebuilders, today announced its intention, subject to market and other conditions, to commence concurrent underwritten public offerings of $100 million of its common stock (or up to $115 million if the underwriters exercise their option to purchase additional shares) and $150 million in aggregate principal amount of convertible senior notes due 2019 (or up to $172.5 million in aggregate principal amount of notes if the underwriters exercise their over-allotment option). Citigroup, Credit Suisse, BofA Merrill Lynch and Deutsche Bank Securities will act as joint book-running managers for the proposed offerings.

The senior notes will be convertible into shares of KB Home’s common stock. The interest rate, conversion rate, conversion price and certain other pricing terms of the senior notes will be determined at the time of pricing of the offering by KB Home and the underwriters. The convertible senior notes will be guaranteed on an unsecured basis by certain of KB Home’s subsidiaries that have guaranteed KB Home’s outstanding senior notes.

KB Home intends to use the net proceeds from both offerings for general corporate purposes, including without limitation land acquisition and development.

The concurrent offerings are being made pursuant to an effective shelf registration statement that KB Home has on file with the Securities and Exchange Commission (“SEC”). The common stock offering and the convertible senior notes offering are being conducted as separate public offerings by means of separate prospectus supplements, and neither the common stock offering nor the convertible senior notes offering will be conditioned upon consummation of the other. For each offering, copies of the prospectus supplement and accompanying prospectus describing the offering, when available, may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting Citigroup at the following address: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at 1-800-831-9146 or by e-mail at batprospectusdept@citi.com, or Credit Suisse at the following address: Attention: Prospectus Department, One Madison Avenue, New York, New York 10010, e-mail: newyork.prospectus@credit-suisse.com or toll free at (800) 221-1037.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The proposed offerings are being made only by means of their respective prospectus supplements and accompanying prospectus.

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