Exhibit 99.1
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| | | | | Investor Contact: | | Steve Zenker |
| | | | | | | (239) 498-8066 |
| | | | | | | stevezenker@wcicommunities.com |
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| | | | | Media Contact: | | Ken Plonski |
| | | | | | | (239) 498-8691 |
| | | | | | | kenplonski@wcicommunities.com |
FOR IMMEDIATE RELEASE
WCI Announces Completion of the Tender Offer for its Outstanding 10 5/8% Senior Subordinated Notes Due 2011
Bonita Springs, FL (January 3, 2006)- WCI Communities, Inc. (NYSE: WCI), a leading builder of traditional and tower residences in highly amenitized lifestyle communities, stated today that its previously announced tender offer and consent solicitation for any and all of its outstanding 10 5/8% Senior Subordinated Notes due 2011 (the “Notes”) expired at 11:59 p.m. EST, on December 30, 2005.
In connection with the tender offer and consent solicitation, the company received and accepted for purchase valid tenders and consents from holders totaling approximately $292,185,000 aggregate principal amount, which represents approximately 98% of the outstanding Notes. All notes properly tendered through December 22, 2005 at 5:00 p.m. were purchased by the company on December 23, 2005 at a price of $1,061.72 per $1,000 principal amount of the notes. The company used the proceeds of its $300 million term note, which also closed on December 23, 2005, to fund the majority of the purchase of the tendered notes.
About WCI
WCI Communities, Inc., named America’s Best Builder in 2004 by the National Association of Home Builders and Builder Magazine, has been creating amenity-rich, master-planned lifestyle communities since 1946. Florida-based WCI caters to primary, retirement, and second-home buyers in Florida, New York, New Jersey, Connecticut, Maryland and Virginia. The company
offers traditional and tower home choices with prices from the low-$200,000s to more than $10 million and features a wide array of recreational amenities in its communities. In addition to homebuilding, WCI generates revenues from its Prudential Florida WCI Realty Division, its mortgage and title businesses, and its recreational amenities, as well as through land sales and joint ventures. The company currently owns and controls developable land of over 17,000 acres.
Certain information included herein and in other company reports, Security and Exchange Commission filings, statements and presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about the company’s anticipated operating results, financial resources, ability to acquire land, ability to sell homes and properties, ability to deliver homes from backlog, and ability to secure materials and subcontractors. Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other company reports, filings, statements and presentations. These risks and uncertainties include WCI’s ability to compete in real estate markets where we conduct business; the availability and cost of land in desirable areas in Florida and elsewhere and our ability to expand successfully into those areas; WCI’s ability to obtain necessary permits and approvals for the development of its lands; the availability of capital to WCI and our ability to effect growth strategies successfully; WCI’s ability to pay principal and interest on its current and future debts; WCI’s ability to maintain or increase historical revenues and profit margins; availability of labor and materials and material increases in labor and material costs; increases in interest rates and availability of mortgage financing; the level of consumer confidence; adverse legislation or regulations; unanticipated litigation or legal proceedings; natural disasters; and changes in general economic, real estate and business conditions. If one or more of the assumptions underlying our forward-looking statements proves incorrect, then the company’s actual results, performance or achievements could differ materially from those expressed in, or implied by the forward-looking statements contained in this report. Therefore, we caution you not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This statement is provided as permitted by the Private Securities Litigation Reform Act of 1995.
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For more information about WCI and its residential communities visit
www.wcicommunities.com
