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WCI Communities, Inc. Announces Pricing of $200 Million in
Senior Subordinated Notes Due 2015
BONITA SPRINGS, Fla., Mar 3, 2005 - WCI Communities, Inc., (WCI) a leading
builder of highly-amenitized lifestyle communities, today announced the
pricing of its offering of $200 million principal amount of 6 5/8% Senior
Subordinated Notes due 2015 to qualified institutional buyers in reliance on
Rule 144A under the Securities Act of 1933, as amended, and outside the
United States to non-U.S. investors. The sale of the Senior Subordinated
Notes is subject to customary closing provisions and is expected to close on
March 10, 2005.
The Senior Subordinated Notes have not been registered under the Securities
Act of 1933, as amended (the "Securities Act"), and unless so registered,
may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there by any sale of the Senior Subordinated
Notes in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.
About WCI
WCI Communities, Inc., named America's Best Builder 2004 by the National
Association of Home Builders and Builder Magazine, has been creating
amenity-rich, master-planned lifestyle communities since 1946. Florida-based
WCI caters to primary, retirement, and second-home buyers in Florida, New
York, New Jersey, Connecticut, Maryland and Virginia. The company offers
traditional and tower home choices with prices from the mid-$100,000s to
more than $10 million and features a wide array of recreational amenities in
its communities. In addition to homebuilding, WCI generates revenues from
its Prudential Florida WCI Realty Division, its mortgage and title
businesses, and its amenities, as well as through land sales and joint
ventures. The company currently owns and controls developable land of over
17,000 acres.
Certain information included herein and in other company
reports, Security and Exchange Commission filings, statements and
presentations is forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not limited to,
statements about the company's anticipated operating results, financial
resources, ability to acquire land, ability to sell homes and properties,
ability to deliver homes from backlog, ability to secure materials and
subcontractors. Such forward-looking information involves important risks
and uncertainties that could significantly affect actual results and cause
them to differ materially from expectations expressed herein and in other
company reports, filings, statements and presentations. These risks and
uncertainties include WCI's ability to compete in real estate markets where
we conduct business; the availability and cost of land in desirable areas in
Florida and elsewhere and our ability to expand successfully into those
areas; WCI's ability to obtain necessary permits and approvals for the
development of its lands; the availability of capital to WCI and our ability
to effect growth strategies successfully; WCI's ability to pay principal and
interest on its current and future debts; WCI's ability to maintain or
increase historical revenues and profit margins; availability of labor and
materials and material increases in labor and material costs; increases in
interest rates and availability of mortgage financing; the level of consumer
confidence; adverse legislation or regulations; unanticipated litigation or
legal proceedings; natural disasters; and changes in general economic, real
estate and business conditions. If one or more of the assumptions underlying
our forward-looking statements proves incorrect, then the company's actual
results, performance or achievements could differ materially from those
expressed in, or implied by the forward-looking statements contained in this
report. Therefore, we caution you not to place undue reliance on our
forward-looking statements. We undertake no obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise. This statement is provided as permitted by the
Private Securities Litigation Reform Act of 1995.
For more information about WCI and its residential communities
visit http://www.wcicommunities.com.
SOURCE: WCI Communities, Inc.
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