United Homes Group, Inc. (UHG) on Friday announced the pricing of a secondary underwritten public offering of 7,420,057 class A shares at $5 per share to refinance of its convertible debt. The offering is expected to be closed on December 11.
Of the offered shares, 1,448,200 are being purchased by UHG's Executive Chairman, Interim CEO, affiliates of Kennedy Lewis Agency Partners, LLC, and others.
The remainder shares are being purchased by institutional investors. The offering consists entirely of shares to be issued by the company to holders of its convertible notes payable, pursuant to the redemption of the notes.
The underwriter will have a 30-day option to purchase up to an additional 1,113,009 class A shares from the selling stockholders. In connection with the closing, the company will redeem the notes in exchange for a total of over $70 million accrued and unpaid interest on the notes through the settlement date of cash and 10.168 million shares of class A shares, including the offered shares and the option shares.
The Group will finance the redemption, in part, by entering into a credit deal with Great Southern Homes, Inc., Kennedy Lewis, as administrative agent, and the lenders party thereto, pursuant to which the lenders will fund a $70 million subordinated loan.
UHG is not selling any shares in the offering and will not receive any proceeds.
UHG was down by 10.66 percent at $5.45 in the pre-market trade on the Nasdaq.
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