TORONTO, Dec. 14, 2016 /CNW/ - Mattamy Group Corporation ("Mattamy"), North America's largest privately owned homebuilder, announced today the completion and funding of a US dollar offering of $325 million aggregate principal amount, senior unsecured notes.

"The cash resources that this offering will provide will enable Mattamy to have the flexibility and liquidity to invest in our growth and capitalize on future investment opportunities," stated Peter Gilgan, Founder & CEO of Mattamy Homes. "Mattamy has a long-term approach that is supported by an exceptional land bank, and we are looking forward to further investing in markets with strong demographics and economic fundamentals. We will be even better positioned to fund our strategic growth moving forward."

The net proceeds from the Notes offering will be used to repay outstanding borrowings on the Company's U.S. and Canadian dollar secured revolving credit facilities and pay transaction fees and expenses. This is a leverage-neutral transaction. After the transaction, Mattamy will maintain current credit ratings with S&P and Moody's, and crystalize more of the Company's capital structure with fixed-rate debt for the next seven years to protect against raising interest rates in the US.

Under this transaction, Mattamy will continue to be well-positioned with:

• A conservative, expanded and cost-efficient long-term unsecured capital base
• Increased liquidity to support existing development plans and opportunistic land acquisition
• Extended maturity profile through 2023 to weather any changes to the Canadian and U.S. economic and homebuilding cycle
• Improved mix between secured and unsecured borrowings

The notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the notes or any other securities, and shall not constitute an offer, solicitation or sale in any state of jurisdiction in which such an offer, solicitation or sale would be unlawful.

Credit Suisse, RBC Capital Markets and Wells Fargo Securities served as joint book-running managers for the offering.

About Mattamy Homes
Mattamy Homes is the largest privately owned homebuilder in North America, with operations across the United States and Canada. Mattamy has sold more than 75,000 homes in hundreds of communities. In the United States, the company is represented in nine metropolitan areas – Minneapolis-St. Paul, Charlotte, Phoenix, Tucson, Jacksonville, Orlando, Tampa, Sarasota and Naples – and in Canada, those communities stretch across the Greater Toronto Area, as well as in Ottawa, Calgary and Edmonton. Visit www.mattamyhomes.com for more information.

SOURCE Mattamy Homes Limited