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Our Finance Group helps clients navigate the business and legal complexities of novel and multidimensional debt financing transactions. We fully understand the challenges faced by borrowers, investors and lenders throughout a company’s lifecycle, from evolving techniques in acquisition finance to the tensions inherent in distressed situations. We are the firm of choice for the most innovative and complex financing matters, including bespoke structured financings and whole-business securitizations of novel assets and restructurings of multibillion-dollar companies.
The New Home Company Closes Debt Exchange Offer
- Client News
- July 5, 2023
Paul, Weiss advised The New Home Company Inc., a California-based builder and real estate development company, in its debt exchange offer and consent solicitation.
Pursuant to the exchange offer, $229.8 million of New Home’s old 7.250% senior notes due 2025, representing 99.7% of the aggregate principal amount of such notes, were exchanged for an equal amount of new 8.250% senior notes due 2027, successfully extending the maturity of the company’s notes. In connection with the exchange offer, the company also raised an additional $25 million of equity from funds affiliated with Apollo Global Management and certain co-investors. J.P. Morgan Securities and Apollo Global Securities acted as joint dealer managers for the exchange offer and consent solicitation. Global Bondholder Services Corporation served as the exchange and information agent.
The Paul, Weiss team included corporate partners Gregory Ezring, Luke Jennings, Brian Scrivani, Brian Kim and Paul Sandler and counsel John Godfrey; tax partner Brian Grieve and counsel Anne McGinnis; and executive compensation counsel Jake Glazeski.