The Company intends to use a portion of the net proceeds of the notes offering to repay or repurchase the Company's 10 3⁄4% Senior Notes due September 2016, and, pending the use of the net proceeds for such purpose, for general corporate purposes, which may include land acquisition and development, home construction, repurchases of the Company's common stock and repayment of the Company's debt.
The closing of the notes offering is expected to occur on May 31, 2016, subject to customary closing conditions.
The Company has an effective registration statement (including a prospectus and a preliminary prospectus supplement for the offering to which this communication relates) on file with the Securities and Exchange Commission (the "SEC"). Before you invest, you should read the prospectus in that registration statement (including the preliminary prospectus supplement for the offering to which this communication relates) and other documents the Company has filed and will file with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternately, copies of the prospectus supplement and related base prospectus related to this offering may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, New York 11717 or toll free at (866) 803-9204.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About CalAtlantic Group, Inc.
CalAtlantic Group, Inc. (NYSE: CAA) is a combination of Standard Pacific Corp. and Ryland Group, Inc. and offers homes in 41 Metropolitan Statistical Areas spanning 17 states.
This news release contains forward-looking statements. These statements include but are not limited to statements regarding the expected closing of the offering and the intended use of the net proceeds from the offering. Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. The Company cannot be certain that the offering will be completed on the terms discussed above, or at all. For a discussion of certain other risks, uncertainties and other factors affecting the statements contained in this news release, see the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and subsequent Quarterly Report on Form 10-Q. Except as required by law, the Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements. The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this news release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligationto provide any other updates.
Jeff McCall, EVP & CFO (949) 789-1655, firstname.lastname@example.org
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SOURCE CalAtlantic Group, Inc.