Landsea Homes Announces Private Placement of $250 million in Senior Unsecured Notes
Summary
DALLAS, July 18, 2023 (GLOBE NEWSWIRE) -- Landsea Homes Corporation (Nasdaq: ) (Landsea Homes or the Company) announced today that it has entered into a note purchase agreement (the Note Purchase Agreement) with various investors, including funds and accounts managed by BlackRock Financial Management Inc. and affiliates thereof (BlackRock) and Angelo, Gordon & Co., L.P. (Angelo Gordon). The Company intends to use the net proceeds from the sale of the Notes to pay down a portion of the outstanding borrowings under its revolving credit facility and for working capital and general corporate purposes.We are very pleased to be working with BlackRock and Angelo Gordontwo exceptional institutional partners on the placement of senior unsecured notes, said John Ho, Chief Executive of Landsea Homes. The company has developed homes and communities in New York, Boston, New Jersey, Arizona, Florida, Texas and throughout California in Silicon Valley, Los Angeles, and Orange County. Homes include features that make life easier and provide energy savings that allow for more comfortable living at a lower cost through sustainability features that contribute to healthier living for both homeowners and the planet.Led by a veteran team of industry professionals who boast years of worldwide experience and deep local expertise, Landsea Homes is committed to positively enhancing the lives of our homebuyers, employees, and stakeholders by creating an unparalleled lifestyle experience that is unmatched.For more information on Landsea Homes, visit: www.landseahomes.com.Certain statements in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements.These forward-looking statements are based on information available as of the date of this press release and our managements current expectations, forecasts, and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.These risks and uncertainties include, but are not limited to, the risk factors described by Landsea Homes in its filings with the SEC.