M.D.C. Holdings Announces Optional Redemption Of All Outstanding 5.500% Senior Notes Due January 2024

Rhea-AI Summary

M.D.C. Holdings, Inc. (NYSE: MDC) announced the redemption of all outstanding 5.500% Senior Notes totaling $126,368,000, due January 2024. This redemption will occur on December 23, 2021, and will utilize the company's available cash balances. The redemption price includes a premium based on the present value of remaining payments and accrued interest until the redemption date. U.S. Bank National Association acts as the trustee and paying agent for these notes.

Positive

• None.

Negative

• Redemption of $126,368,000 in Senior Notes may indicate the company is managing debt proactively but could also impact liquidity.
• The need to redeem senior notes suggests previous debt obligations that could affect future financing options.

DENVER, Nov. 23, 2021 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE: MDC) ("MDC" or the "Company") today announced that it will redeem all of its outstanding 5.500% Senior Notes due January 2024 (CUSIP No. 552676AR9) (the "Notes"), which total $126,368,000, on December 23, 2021. The Notes will be redeemed pursuant to their optional redemption provisions at a redemption price that will include a premium based on the present value of the remaining scheduled payments on the Notes as described in the indenture, together with accrued and unpaid interest on the Notes to the redemption date of December 23, 2021. The redemption will be funded from the Company's available cash balances.

U.S. Bank National Association is the trustee and paying agent with respect to the Notes.

About MDC

M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding subsidiaries, which operate under the name Richmond American Homes, have built and financed the American Dream for more than 220,000 homebuyers since 1977. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Diego, Orange County, San Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, Seattle, Portland, Boise, Nashville, Austin and Albuquerque. MDC's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is traded on the New York Stock Exchange under the symbol "MDC." For more information, visit www.mdcholdings.com.

SOURCE M.D.C. Holdings, Inc.

FAQ

What is the total value of the Senior Notes being redeemed by MDC?

MDC is redeeming a total of $126,368,000 in 5.500% Senior Notes.

When will MDC redeem its Senior Notes?

MDC will redeem its Senior Notes on December 23, 2021.

What is the maturity date of MDC's Senior Notes?

The Senior Notes are due in January 2024.

Who is the trustee for MDC's Senior Notes?

U.S. Bank National Association is the trustee and paying agent for the Senior Notes.

How will MDC fund the redemption of its Senior Notes?

The redemption will be funded from MDC's available cash balances.