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Five Point Holdings, LLC ("Five Point") (NYSE:FPH) today announced that Five Point Operating Company, LP, through which Five Point owns all of its assets and conducts all of its operations (the "issuer"), and Five Point Capital Corp., a wholly owned subsidiary of the issuer (the "co-issuer"), plan to offer, subject to market and other conditions, $450.0 million aggregate principal amount of senior notes due 2030. The notes will be guaranteed, jointly and severally, by each of the issuer's existing and future direct and indirect domestic subsidiaries (other than the co-issuer) that guarantees its obligations under the issuer's senior unsecured revolving credit facility or any other syndicated loan facility or capital markets indebtedness, subject to certain exceptions. The notes will not be guaranteed by Five Point.
The issuer intends to use proceeds of the proposed offering, together with cash on hand, to (i) purchase its 10.500% Initial Rate Senior Notes due 2028 (the "2028 Notes") validly tendered and not validly withdrawn pursuant to the issuer's concurrent cash tender offer for any and all 2028 Notes (the "Tender Offer"), (ii) redeem or discharge all of the 2028 Notes not purchased in the Tender Offer and (iii) redeem in full its 7.875% Senior Notes due 2025 (together with the 2028 Notes, the "Existing Notes").
Posted In: FPH
