BONITA SPRINGS, Fla.--(BUSINESS WIRE)--WCI Communities, Inc. (the “Company”) today announced the pricing of its initial public offering of 6,819,091 shares of its common stock at a price to the public of $15.00 per share. The Company’s common stock is expected to begin trading on the New York Stock Exchange under the ticker symbol “WCIC” on Thursday, July 25, 2013. The underwriters will have the option to purchase up to an additional 1,022,863 shares of common stock from the Company.
The Company expects to receive net proceeds of approximately $91.4 million, or approximately $105.7 million if the underwriters exercise their option to purchase additional shares in full, from the offering and intends to use such proceeds for general corporate purposes, including the acquisition and development of land and home construction.
Citigroup, Credit Suisse and J.P. Morgan are acting as joint book-running managers, Zelman Partners LLC is acting as lead manager and FBR and Raymond James are acting as co-managers for the offering.
A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (“SEC”).
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of such shares of common stock in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717, or by telephone at (800) 831-9146 or by email at BATProspectusdept@citi.com; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York, 10010, or by telephone at (800) 221-1037 or by email at email@example.com; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at (866) 803-9204.
About WCI Communities, Inc.
Headquartered in Bonita Springs, Florida, the Company is a lifestyle community developer and luxury homebuilder of single- and multi-family homes in most of coastal Florida’s highest growth and largest markets. The Company has established a reputation and strong brand recognition for developing amenity rich, lifestyle oriented master-planned communities and, including its predecessor companies, has a legacy that spans more than 60 years. The Company also operates real estate brokerage and title services businesses that complement its homebuilding operations.
Certain statements contained in this release that are not historical information contain forward-looking statements. The forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected or implied. Further, certain forward-looking statements are based on assumptions of future events which may not prove to be accurate. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believe,” “estimate,” “project,” “anticipate,” “expect,” “seek,” “predict,” “contemplate,” “continue,” “possible,” “intend,” “may,” “might,” “will,” “could,” “would,” “should,” “forecast,” or “assume” or, in each case, their negative, or other variations or comparable terminology. The Company derives many of its forward-looking statements from its operating budgets and forecasts, which are based upon many detailed assumptions. While the Company believes that its assumptions are reasonable, it is difficult to predict the impact of known factors and, of course, it is impossible to anticipate all factors that could affect actual results. These factors are discussed in the “Risk Factors,” “Special Note Concerning Forward-Looking Statements,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business” sections and elsewhere in the Company’s registration statement.
You should keep in mind that any forward-looking statement made by the Company herein, or elsewhere, speaks only as of the date on which made. New risks and uncertainties come up from time to time, and it is impossible for the Company to predict these events or how they may affect it. The Company has no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.