CHARLOTTE, N.C., Sept. 01, 2017 (GLOBE NEWSWIRE) -- Crescent Communities, LLC (the “Company”) and Crescent Ventures, Inc., a wholly owned subsidiary of the Company (together, the “Issuers”), today announced that the Issuers have given notice of their intention to redeem $20 million of the currently outstanding $400 million aggregate principal amount of their 8.875% Senior Secured Notes due 2021 (the “Notes”) on October 2, 2017 (the “Redemption Date”), pursuant to the terms of the Notes and the indenture governing the Notes. The Notes to be redeemed will be selected in accordance with the applicable procedures of The Depository Trust Company, as the depositary for the Notes, for partial redemptions. The Notes will be redeemed at a redemption price equal to 103.000% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, on such Notes, to, but excluding, the Redemption Date. Interest on the redeemed portion of the Notes will cease to accrue on and after the Redemption Date.
A formal notice of partial redemption has been sent separately to the registered holders of the Notes called for redemption. The Issuers intend to use existing unrestricted cash to fund this partial redemption of the Notes and to pay related fees and expenses.
This press release is for informational purposes only and shall not constitute a notice of redemption under the optional redemption provisions of the indenture governing the Notes, nor shall it constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities, nor shall there be any offer, solicitation or sale of the Notes or any other securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the securities laws. Forward-looking statements are not guarantees. The Company believes that its expectations reflected in the forward-looking statements are based on its reasonable beliefs, assumptions and expectations, and have taken into account all information currently available to the Company. Such beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of future economic, competitive and market conditions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control. The Company can give no assurance that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on the Company’s results of operations and financial condition. The Company undertakes no obligation to update or revise the forward-looking statements to reflect events or circumstances that arise after the date of this press release.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate company specializing in the development and sale of single family, multifamily and commercial / mixed-use communities. The Company delivers high-quality, differentiated communities in desirable locations in many of the fastest growing markets in the Southeast and Southwest. Since inception in 1963, Crescent Communities has developed more than 60 single family master-planned communities, over 30 multifamily communities and approximately 20 million square feet of commercial space.