Key Developments: Forestar Group Inc (FOR)
23.30USD
24 May 2013
$0.11 (+0.47%)
$23.19
$23.00
$23.31
$22.74
175,963
405,218
$25.12
$11.13
Latest Key Developments (Source: Significant Developments)
Forestar Group Inc Announces Pricing Of Convertible Notes
Forestar Group Inc announced the pricing of an underwritten public offering of $110,000,000 aggregate principal amount of 3.75% Convertible Senior Notes due 2020. The underwriters have a 30-day option to purchase up to an additional $15,000,000 aggregate principal amount of Notes from the Company. Settlement of the offering is expected to occur on February 26, 2013. The Notes will pay interest semiannually at a rate of 3.75% per annum and will mature on March 1, 2020. The Notes will have an initial conversion rate of 40.8351 per $1,000 principal amount. Prior to November 1, 2019, the Notes will be convertible only upon certain circumstances, and thereafter will be convertible at any time prior to the close of business on the second scheduled trading day prior to maturity. The Company intends to use the net proceeds from the offering to repay outstanding borrowings under revolving line of credit and for general corporate purposes, including investments in oil and gas exploration and drilling and real estate acquisition and development. Goldman, Sachs & Co. is serving as the sole book-running manager for the offering and KeyBanc Capital Markets Inc., JMP Securities LLC, Capital One Southcoast, Inc., J.P. Morgan Securities LLC and UBS Securities LLC are acting as co-managers. Full Article
Forestar Group Inc Announces Public Offering Of Convertible Notes
Forestar Group Inc announced that it intends to offer $110,000,000 aggregate principal amount of its Convertible Senior Notes due 2020 (the Notes) in an underwritten public offering. Prior to November 1, 2019, the Notes will be convertible only upon limited circumstances and during certain periods, and thereafter will be convertible at any time prior to the close of business on the second scheduled trading day prior to maturity. Upon conversion, holders will receive cash, shares of the Company's common stock or a combination thereof at the Company's election. The underwriters will have a 30-day option from the date of the offering to purchase up to an additional $15,000,000 aggregate principal amount of Notes from the Company. All of the Notes will be issued under the Company's currently effective shelf registration statement. The interest rate, conversion rate and other terms of the Notes will be determined at the time of pricing of the offering. The Company intends to use the net proceeds from the offering to repay outstanding borrowings under its revolving line of credit and for general corporate purposes, including investments in oil and gas exploration and drilling and real estate acquisition and development. Goldman, Sachs & Co. will serve as the sole book-running manager for the offering and KeyBanc Capital Markets Inc., JMP Securities LLC, Capital One Southcoast, Inc., J.P. Morgan Securities LLC and UBS Securities LLC are acting as co-managers. Full Article
Forestar Group Inc Completes Acquisition of Credo Petroleum Corp
Forestar Group Inc announced the completion of its acquisition of CREDO Petroleum Corp (Credo) for approximately $146 million in cash, excluding closing costs. The Company funded the purchase with borrowings under its senior credit facility and available cash. Full Article
CREDO Petroleum Corp And Forestar Group, Inc. Announces Expiration Of Go-Shop Period
CREDO Petroleum Corp announced the expiration of the 30-day go-shop period pursuant to the terms of the previously announced Agreement and Plan of Merger dated as of June 3, 2012, by and among Credo, Forestar Group Inc. and Longhorn Acquisition Inc., a wholly owned subsidiary of Forestar Group Inc. (the Merger Agreement). Under the Merger Agreement, Credo was permitted to initiate, solicit and encourage alternative acquisition proposals from third parties until 11:59 p.m. (New York City time) on July 3, 2012. After a broad solicitation of financial and strategic parties during such go-shop period, Credo did not receive any alternative acquisition proposals. Credo expects the transaction to close in the second half of 2012 Full Article
Forestar Group Inc Partners With Guggenheim On Multifamily Venture In Denver
Forestar Group Inc announced it has formed a multifamily venture with Guggenheim Real Estate, LLC for development of a luxury multifamily community located in Denver, Colorado. The project, to be called 360°, will be located in the southeast business corridor of Metro Denver within the Denver Tech Center market. Full Article
CREDO Petroleum Corp Announces Definitive Merger Agreement With Forestar Group Inc
CREDO Petroleum Corp announced that its board of directors has unanimously approved a definitive agreement pursuant to which Forestar Group, Inc. will acquire all of the outstanding shares of Credo's common stock for $14.50 per share, or approximately $146 million in the aggregate. The transaction has also been approved by the board of directors of Forestar. The transaction is expected to close in the second half of 2012. Houlihan Lokey Financial Advisors, Inc. and Northland Capital Financial Services, LLC are serving as financial advisors to Credo and Davis Graham & Stubbs LLP is serving as legal advisor to Credo in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Forestar and Goldman, Sachs & Co. is serving as financial advisor to Forestar in connection with the transaction. Full Article
Forestar Group, Inc. Completes Sale Of 50,000 Acres Of Timberland In Georgia And Alabama To Plum Creek Timber Company, Inc
Forestar Group, Inc. announced that it completed previously announced sale of approximately 50,000 acres of timberland in Georgia and Alabama for $75 million to Plum Creek Timber Company, Inc. Forestar reserved mineral rights and retained an option to acquire the mitigation rights to approximately 1,000 acres for use in mitigation banks. Full Article
Forestar Group, Inc. Announces Timberland Sale For $75 Million
Forestar Group, Inc. announced that it entered into a definitive agreement with Plum Creek Timber Company, Inc. to sell approximately 50,000 acres of timberland for approximately $75 million in a cash transaction. The timberlands are located in Georgia and Alabama and the sale is expected to close in third quarter 2011. Forestar will reserve mineral rights and will retain an option to acquire the mitigation rights to approximately 1,000 acres for use in mitigation banks. Full Article
Forestar Group, Inc. Withdraws Proposed Private Offerings Of Senior Secured Notes And Convertible Notes
Forestar Group, Inc. announced that, as a result of recent deterioration in the capital markets, the Company and its wholly owned subsidiary, Forestar (USA) Real Estate Group Inc., have decided not to proceed with their previously announced proposed private offerings of $100 million aggregate principal amount of convertible notes due 2018 and $150 million aggregate principal amount senior secured notes due 2019. Management determined that, because the proposed transactions were opportunistic in nature and the terms and conditions offered to Forestar did not meet their expectations or recognize the future value expected for Forestar stakeholders, it was inadvisable to proceed with the offerings at this time. Full Article
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