Comstock Homebuilding Companies, Inc. Announces Private Debt Offering
December 05 2005 - 7:00AM
PR Newswire (US)
RESTON, Va., Dec. 5 /PRNewswire-FirstCall/ -- Comstock Homebuilding
Companies, Inc. (NASDAQ:CHCI) ("Comstock or the "Company")
announced today that it intends to make a private offering of $150
million of Senior Subordinated Notes due January 2011 (the "Notes")
to qualified institutional buyers and non-U.S. persons. The Notes
will be unconditionally guaranteed by all of the Company's
subsidiaries. Proceeds from the offering will be used to finance
general corporate purposes, including working capital, real estate
development projects, strategic corporate acquisitions and periodic
reductions of indebtedness. Subject to market conditions, the
Company expects to complete the Notes offering during December
2005. The Notes have not been registered under the Securities Act
of 1933 (the "Securities Act") or any state securities laws and may
not be offered or sold in the United States absent registration
under the Securities Act or under an applicable exemption from the
registration thereunder. The Notes will be privately placed
pursuant to Rule 144A and Regulation S under the Securities Act of
1933. Pursuant to a registration rights agreement, the Notes are
expected to be registered at a later date. This press release shall
not constitute an offer to sell, or the solicitation of an offer to
buy, nor shall there be any sale of the Notes referenced above in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This release contains
"forward-looking" statements that are made pursuant to the Safe
Harbor provisions of the Private Securities Litigation Reform Act
of 1995 and that involve a number of risks and uncertainties. In
particular, the Company's completion of the offering of unsecured
fixed-rate debt is subject to various risks, including prevailing
conditions in the public capital markets. There can be no assurance
that the offering will be successfully completed. Other potential
risks that could cause actual events to differ materially are
included in filings with the Securities and Exchange Commission
filings. About Comstock Homebuilding Companies, Inc. Comstock is a
production homebuilder and real estate developer that develops,
builds, and markets single-family homes, townhouses, mid-rise
condominiums and high-rise condominiums. The Company currently
operates in the Washington, D.C. and Raleigh, North Carolina
markets where it targets a diverse range of buyers, including
first-time, early move-up, secondary move- up, empty nester
move-down and active adult home buyers. For more information on
Comstock, please visit http://www.comstockhomebuilding.com/.
DATASOURCE: Comstock Homebuilding Companies, Inc. CONTACT: Carrie
Blewitt for Comstock Homebuilding Companies, , +1-202-448-3129 Web
site: http://www.comstockhomebuilding.com/
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