Exhibit 99.1
| | |
FOR IMMEDIATE RELEASE | | For Further Information: |
| | Jill Peters, Investor Relations Contact |
| | (310) 893-7456 or investorrelations@kbhome.com |
KB Home Announces Cash Tender Offer for Senior Notes Due 2021
LOS ANGELES (May 25, 2021) — KB Home (NYSE: KBH) today announced the commencement of a cash tender offer (the “Offer”) for any and all of its outstanding 7.000% Senior Notes due 2021 (the “Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated as of the date hereof (the “Offer to Purchase”) and the related Notice of Guaranteed Delivery attached thereto (the “Notice of Guaranteed Delivery”). The Offer to Purchase and the Notice of Guaranteed Delivery are referred to herein collectively as the “Offer Documents”.
The Offer will expire at 5:00 p.m., New York City time, on June 8, 2021, unless extended or earlier terminated by KB Home (such date and time, as they may be extended for the Offer, the “Expiration Date”).
| | | | | | |
Title of Security | | CUSIP Number | | Principal Amount Outstanding | | Offer Consideration per $1,000 Principal Amount of Notes |
7.000% Senior Notes due 2021 | | 48666KAT6 | | $450,000,000 | | $1,017.25 |
Holders must validly tender their Notes, or deliver a properly completed and duly executed Notice of Guaranteed Delivery at or prior to the Expiration Date to be eligible to receive the Offer Consideration (as shown in the table above). In addition, holders whose Notes are purchased in the Offer will receive accrued and unpaid interest on those Notes from the last interest payment date to, but not including, the Settlement Date (as defined in the Offer to Purchase) (such amount, the “Accrued Interest”). The Company expects the Settlement Date to occur on June 9, 2021. Notes tendered by Notice of Guaranteed Delivery and accepted for purchase will be purchased on the third business day after the Expiration Date, but payment of Accrued Interest on such Notes will only be made to, but not including, the Settlement Date.
Tendered Notes may be validly withdrawn from the Offer at or any time prior to the Expiration Date (such time and date, the “Withdrawal Deadline”), unless extended or earlier terminated by KB Home as described in the Offer to Purchase. Tendered Notes may not be withdrawn after the Withdrawal Deadline except as required by law.
The Offer is subject to the satisfaction or waiver of certain conditions as described in the Offer to Purchase and is not conditioned upon the tender of any minimum principal amount of Notes. If any of the conditions are not satisfied, subject to applicable law, KB Home may in its sole discretion terminate the Offer and return tendered Notes, may waive unsatisfied conditions and accept for payment and purchase all validly tendered Notes, may extend the Expiration Date or may otherwise amend the Offer in any respect. KB Home expressly reserves the right, in its sole discretion, subject to applicable law, to terminate the Offer at any time.
The complete terms and conditions of the Offer are set forth in the Offer Documents that are being sent to holders of the Notes. Holders are urged to read the Offer Documents carefully when they become available, consult their own investment and tax advisers and make their own decisions whether to tender Notes in the Offer, and, if so, the principal amount of Notes to tender.
