Salt Lake City, UT-Woodside Homes commented on its results of operations for the last quarter, and certain recent developments, including closing its offering of $220 million aggregate principal amount of 6.75% senior unsecured notes.
The joint bookrunners of the unsecured notes offering were Credit Suisse Securities (USA), Moelis & Company, Citigroup and Wells Fargo Securities.
“Despite being a private company, Woodside was able to access the debt capital markets for its financing. We are pleased that the offering provides Woodside with additional capital to pursue growth opportunities," said Joel Shine, CEO of Woodside Homes.
About $140 million of the net proceeds from the issuance and sale of unsecured notes were used to refinance the company's existing senior secured notes and pay fees and expenses relating to the offering and refinancing and the remainder will be used for general corporate purposes. The notes are due 2021.
Woodside has also disclosed recent revenue streams.
“For the quarter recently ended, Woodside's revenue increased by 25% compared to the prior year period and during this quarter, Woodside experienced positive growth in each of our markets,” said Shine. The company's home closings increased by 44% in 2012 as compared to 2011 and have grown by over 25 percent in the first half of 2013 versus the same period in 2012. Additionally, net sales have improved year-over-year in each of the last eight quarters.
Woodside has expanded its presence in the western United States since its recapitalization in 2012. The company is active in Arizona, California, Nevada, Texas, and Utah, where it focuses on entry level and move-up homebuyers. Woodside has recently opened and broken ground on a number of new communities and is expected to open approximately 40 new communities in 2013.
Some of the notable communities that Woodside has opened this year include Utah's Stonehaven at Foxboro North and Dry Creek at Three Forks. In Arizona, the company is building the Legacy Series and Signature Series at Eastmark and the Villages at Westridge, an urban infill community. In Nevada, the builder has unveiled Seville at Andorra and Castille at Andorra, which are both located at Summerlin—one of the most popular master-planned communities in the state.
New home designs and a positive buying experience have been pivotal to Woodside's success. Woodside's chief marketing officer Jay Moss notes, “Our new home designs and our distinctive buying process that gives homebuyers the flexibility to select personal design options in the sales office without the need to go to a design center have contributed to our recent positive operating results.”
Founded in 1977, Woodside Homes is a homebuilder and land developer that operates in five states. As one of America's top private homebuilders, Woodside has over 200 employees and has built more than 28,000 new homes in Arizona, California, Florida, Maryland, Minnesota, Nevada, Texas, Utah and Virginia. Its current markets are Arizona, California, Nevada, Texas and Utah. Focusing on designing and building innovative single-family and multi-family homes, Woodside specializes in the entry level and move-up markets. Through its “Better by Design” program, Woodside offers flexibility for homebuyers to personalize their home with a design palette that suits their tastes.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.