SAN JOSE, Calif. -- (Business Wire)
UCP, Inc. (NYSE:UCP) (the “Company”) announced that it completed a
private offering of $75.0 million aggregate principal amount of its 8.5%
Senior Notes due 2017 (the “Notes”) on October 21, 2014. The Notes are
guaranteed on a senior unsecured basis by each of the Company’s
subsidiaries. The Notes and the guarantees are the Company’s and the
subsidiary guarantors’ senior unsecured obligations.
The net proceeds from the offering were approximately $72.5 million,
after paying the initial purchaser’s discount and other estimated
offering expenses. The net proceeds from the offering will be used for
general corporate purposes, including to provide financing for the
construction of homes, acquisition of land, development of lots and
working capital.
The Notes were offered and sold only to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”). The Notes have not been and will not be registered
under the Securities Act or the securities laws of any other
jurisdiction. Unless they are registered, the Notes may be offered and
resold only in transactions that are exempt from registration under the
Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale
of these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About UCP, Inc.
The Company is a homebuilder and land developer with land acquisition
and entitlement expertise in California, Washington State, North
Carolina, South Carolina and Tennessee. Through the Company’s wholly
owned homebuilding subsidiary, Benchmark Communities, LLC, the Company
designs, constructs and sells high-quality single-family homes.
Forward-Looking Statements
This press release contains forward-looking statements. You should not
place undue reliance on those statements because they are subject to
numerous uncertainties and factors relating to the Company's operations
and business environment, all of which are difficult to predict and many
of which are beyond the Company's control. Forward-looking statements
include information concerning the Company's possible or assumed future
results of operations, including descriptions of the Company's business
strategy. These statements often include words such as "may," "will,"
"should," "believe," "expect," "anticipate," "intend," "plan,"
"estimate" or similar expressions. These statements are based on
assumptions that the Company has made in light of its experience in the
industry as well as its perceptions of historical trends, current
conditions, expected future developments and other factors it believes
are appropriate under the circumstances. Although the Company believes
that these forward-looking statements are based on reasonable
assumptions, it can give no assurance they will prove to be correct.
Therefore, you should be aware that many factors could affect the
Company's actual financial condition or results of operations and could
cause actual results to differ materially from those in the
forward-looking statements.
Any forward-looking statement made by the Company herein speaks only as
of the date hereof. New risks and uncertainties come up from time to
time, and it is impossible for the Company to predict these events or
how they may affect it. The Company has no obligation to update any
forward-looking statements after the date hereof, except as required by
federal securities laws.
Contacts:
Investor Relations:
Investorrelations@unioncommunityllc.com
408-207-9499
Ext. 476
or
Media:
Phil Denning/Jason Chudoba
Phil.denning@icrinc.com
/ Jason.chudoba@icrinc.com
Source: UCP, Inc.
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