LGI Homes, Inc.
LGI Homes Projects II
Transaction Details
Project Name
LGI Homes Project II
Developer
LGI Homes, Inc.
Bond Type
MUD Forward Funding Special Revenue Bond
Location
Multiple Texas Markets
Yield
7.25%
Coupon Rate
7.25%
Bond Structure
Capital Appreciation Bond (CAB)
Total Par Amount
$88.1MM
Net Proceeds
$85.8MM
Maturity Date
12/15/2041
Impact Summary & Project Overview
Cresson MUD No. 1 of Hood County | Waller County MUD No. 56 | Fort Bend County MUD No. 225 | Montgomery County MUD No. 125 | East Collin County MUD No. 1 | Fort Bend County MUD No. 261 | Harris County MUD No. 582
We are pleased to announce the successful closing of a Launch Bond® for LGI Homes, Inc. (NASDAQ: LGIH) across seven Texas communities.
The seven projects include Brookside and Montgomery Farms in the Dallas-Fort Worth MSA, and Dewberry Hills, Hallimore Ranch, Magnolia Woods, Westgate, and Westhaven Manor in the Houston MSA.
At full build-out, the projects are expected to yield 6,043 residential lots and approximately 13.1 acres of commercial development. The communities are planned to include swimming pools, playgrounds, splash pads, pickleball and sand volleyball courts, walking and nature trails, dog parks, recreation centers, fitness areas, event lawns, a zipline, and a mini golf area.
The non-recourse, tax-exempt Launch Bond® is collateralized solely by the assignment of future MUD bond proceeds until the accreted value of the Bonds is fully retired. The proceeds will be utilized by the developer to reimburse approximately $85.8 million in eligible MUD improvements and infrastructure.
Other Transactions
Confluence
-
Total Par Amount
$24.7MM
-
Net Proceeds
$23.3MM
LGI Homes Projects
-
Total Par Amount
$68.4MM
-
Net Proceeds
$66.33MM
Goodland Development
-
Total Par Amount
$54.65MM
-
Net Proceeds
$52.5MM