The New Home Company Closes Debt Exchange Offer

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, among others, corporate partners Gregory Ezring, Luke Jennings and Brian Kim and counsel John Godfrey; tax partner Brian Grieve and counsel Anne McGinnis; and executive compensation counsel Jake Glazeski.