Key Developments: KB Home (KBH)
24.08USD
17 May 2013
$0.20 (+0.84%)
$23.88
$24.10
$24.39
$23.97
3,257,645
4,248,966
$25.14
$6.46
Latest Key Developments (Source: Significant Developments)
KB Home Declares Second Quarter 2013 Dividend
KB Home announced that the Board of Directors of KB Home has declared a quarterly cash dividend of $0.025 per share on the Company's common stock, payable on May 16, 2013 to stockholders of record on May 2, 2013. Full Article
KB Home Announces Closing Of New $200 Million Unsecured Revolving Credit Facility
KB Home announced its closing of a new $200 million unsecured revolving credit facility. The credit facility, which closed on March 12, 2013, contains an accordion feature under which the aggregate commitment may be increased to up to $300 million, subject to certain conditions and the availability of additional bank commitments. The credit facility was arranged by Citigroup Global Markets Inc., and Citibank will serve as administrative agent and as a participating lender. The other lenders are Bank of America, Credit Suisse and Deutsche Bank. Full Article
KB Home Completes Offerings Of Common Stock And 1.375% Convertible Senior Notes Due 2019
KB Home announced that it has completed the previously announced sale of 6.325 million shares of its common stock and of $230 million in aggregate principal amount of its 1.375% convertible senior notes due 2019. These amounts include the exercise in full by the underwriters of their options in the applicable offerings to purchase shares of common stock, and to purchase convertible senior notes to cover over-allotments. The Company received total net proceeds of approximately $332.9 million from the offerings, after underwriting discounts and estimated expenses payable by the Company, which it intends to use for general corporate purposes, including without limitation land acquisition and development.The convertible senior notes bear interest at a rate of 1.375% per year, payable semi-annually in arrears, and will mature in 2019, unless earlier purchased, redeemed or converted. The senior notes are convertible into shares of KB Home`s common stock at an initial conversion rate of 36.5297 shares per $1,000 principal amount of senior notes, which is equal to a conversion price of approximately $27.37 per share, subject to adjustment in certain circumstances. The convertible senior notes are guaranteed on an unsecured senior basis by certain of KB Home`s subsidiaries that have guaranteed the Company`s outstanding senior notes. Full Article
KB Home Declares First Quarter 2013 Dividend
KB Home announced that it has declared a quarterly cash dividend of $.025 per share on the Company's common stock, payable on February 21, 2013 to stockholders of record on February 7, 2013. Full Article
KB Home Announces Pricing of Concurrent Underwritten Public Offerings of 5.5 Million Shares of Common Stock and $200 Million of Convertible Senior Notes
KB Home announced that it has agreed to sell an aggregate of 5.5 million shares of its common stock at a public offering price of $18.25 per share (or up to 6.325 million shares if the underwriters exercise their option to purchase additional shares) and $200 million in aggregate principal amount of its 1.375% convertible senior notes due 2019 (or up to $230 million in aggregate principal amount if the underwriters exercise their over-allotment option) in its previously announced concurrent underwritten public offerings. The convertible senior notes will bear interest at a rate of 1.375% per year, payable semi-annually in arrears, and will mature in 2019, unless earlier purchased, redeemed or converted. The senior notes are convertible into shares of KB Home’s common stock at an initial conversion rate of 36.5297 shares per $1,000 principal amount of senior notes. The convertible senior notes will be guaranteed on an unsecured senior basis by certain of KB Home’s subsidiaries that have guaranteed KB Home’s outstanding senior notes. KB Home estimates the aggregate net proceeds from the concurrent offerings to be approximately $289 million, after deducting the underwriting discount and estimated offering expenses payable by KB Home. KB Home intends to use the net proceeds from both offerings for general corporate purposes, including without limitation land acquisition and development. The closing of both offerings is expected to occur on January 29, 2013. Full Article
KB Home Proposes Concurrent Underwritten Public Offerings of Common Stock and Convertible Senior Notes of $250 Million
KB Home announced its intention, subject to market and other conditions, to commence concurrent underwritten public offerings of $100 million of its common stock (or up to $115 million if the underwriters exercise their option to purchase additional shares) and $150 million in aggregate principal amount of convertible senior notes due 2019 (or up to $172.5 million in aggregate principal amount of notes if the underwriters exercise their over-allotment option). Citigroup, Credit Suisse, BofA Merrill Lynch and Deutsche Bank Securities will act as joint book-running managers for the proposed offerings. The senior notes will be convertible into shares of KB Home`s common stock. The interest rate, conversion rate, conversion price and certain other pricing terms of the senior notes will be determined at the time of pricing of the offering by KB Home and the underwriters. The convertible senior notes will be guaranteed on an unsecured basis by certain of KB Home`s subsidiaries that have guaranteed KB Home`s outstanding senior notes. KB Home intends to use the net proceeds from both offerings for general corporate purposes, including without limitation land acquisition and development. Full Article
KB Home Enters Into Agreement With Nationstar Mortgage Holdings Inc's Nationstar Mortgage LLC
KB Home announced that it has entered into an agreement with Nationstar Mortgage LLC, its current preferred mortgage lender and the principal operating subsidiary of Nationstar Mortgage Holdings Inc., to form Home Community Mortgage, LLC, a limited liability company that will offer an array of mortgage banking services to KB Home customers. Full Article
KB Home Acquires Lots In Raleigh-Durham Market
KB Home announced that it has acquired 65 lots in Fuquay-Varina, N.C., just southwest of Raleigh. The builder, known for its signature Built to Order experience which offers homebuyers a combination of value and choice, plans to open a new community there called Lakestone Village in early 2013. Located within a master-planned community, residents at Lakestone Village will enjoy access to a community center, playground and junior-sized Olympic pool. KB Home plans to build one- and two-story single-family homes at Lakestone Village between 1,900 to 3,300 square feet, with up to six bedrooms and four baths. Financial terms were not disclosed. Full Article
KB Home Declares Fourth Quarter 2012 Dividend
KB Home announced that it has declared a quarterly cash dividend of $.025 per share on the Company's common stock, payable on November 15, 2012 to stockholders of record on November 1, 2012. Full Article
KB Home Buys 330 Acre Mason Ranch Property In Leander
KB Home announced that it has acquired Mason Ranch, an attractively positioned 330-acre land asset in Cedar Park/Leander West, submarkets in metropolitan Austin. The builder intends to develop a master planned community on the property with 1,019 homesites. Terms of the purchase agreement were not disclosed. Full Article
KB Home to ramp up growth amid strong housing recovery
- KB Home , the fifth-largest U.S. homebuilder, plans to invest more than $1 billion this year on land acquisition and development as it steps up growth initiatives amid a strong U.S. housing recovery.
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