May 2017

AV Homes Closes Capital Markets Transactions Valued Over $700M

North America - United States

AV Homes completed a private offering of $400 million of 6.625% Senior Notes due 2022, with our firm's capital markets team advising on the transaction. The Senior Notes were sold in a 144A offering that closed on May 18, 2017. J.P. Morgan, Citigroup, Credit Suisse, RBC Capital Markets and US Bancorp were the initial purchasers. The offering priced on May 4, 2017.

Our firm also represented AV Homes in a cash tender offer for any and all of its then outstanding $200 million principal amount of 8.500% Senior Notes due 2019. The cash tender offer expired on May 26, 2017.

In addition, the finance team represented AV Homes in refinancing its senior secured credit facility with an unsecured revolving credit facility in an aggregate amount of $155 million, with an accordion feature to increase the aggregate amount to $250 million with lender consent. JPMorgan Chase Bank, N.A. acted as administrative agent and Citibank, N.A. acted as syndication agent for the new unsecured revolving credit facility, which closed on May 18, 2017.

AV Homes is a homebuilder engaged in the business of homebuilding and community development in Florida, the Carolinas and Arizona. The company focuses on the development and construction of primary residential communities, which serve first time and move-up buyers, and active adult communities, which are age-restricted to the age 55 and over active adult demographic. AV Homes common shares trade on Nasdaq under the symbol “AVHI.”

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