SALT LAKE CITY-Those who follow @GlobeStcom onTwitter and @GlobeStLIVEmay have seen a post teasing the announcement, but GlobeSt.com haslearned that Woodside Homes has closed a majorrecapitalization that positions the company for growth. The companyhas refinanced its existing debt, significantly increased itsliquidity, and strengthened its balance sheet.
In less than three years since emerging from a complicatedchapter 11 reorganization, Woodside is well positioned to capturethe momentum of a recovering market, according to a preparedstatement. The recapitalization transaction includes the issuanceof $128 million in notes that refinances its existing debt from theplan of reorganization, and a $75 million equity offering toexisting shareholders.
Moelis & Co. acted as exclusive financialadvisor and sole arranger to Woodside. “When we restructured in2010, management was tasked to develop a solution that maximizesthe long-term value of the company,” says JoelShine, CEO of Woodside. “The new Woodside has gainedmarket share and is operating profitably in every one of ourdivisions, and this recapitalization is proof that our investorsagree that we are in a position of strength.”
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