Century Communities Prices $500M Senior Notes Offering

TL;DR

CCIS priced $500M in notes due 2032, raising cash for growth.

AI Summary

Century Communities, Inc. announced on July 22, 2024, that it has priced a public offering of $500 million aggregate principal amount of 7.125% senior unsecured notes due 2032. The offering is expected to close on July 26, 2024. The company intends to use the net proceeds from the offering for general corporate purposes, which may include funding future homebuilding operations, land acquisition, and other strategic initiatives.

Why It Matters

This debt offering provides Century Communities with capital for growth and operational flexibility, potentially impacting its ability to acquire land and build homes, which could influence the housing market.

Risk Assessment

Risk Level: medium — Issuing significant debt can increase financial leverage and interest expenses, impacting the company's profitability and ability to meet its obligations.

Key Numbers

• $500.0M — Senior Notes Offering (Aggregate principal amount of debt raised for general corporate purposes.)
• 7.125% — Note Interest Rate (The annual interest rate on the senior unsecured notes.)
• 2032 — Note Maturity (The year the senior unsecured notes are due.)

Key Players & Entities

• Century Communities, Inc. (company) — Registrant
• $500 million (dollar_amount) — Aggregate principal amount of senior unsecured notes
• 7.125% (dollar_amount) — Interest rate on senior unsecured notes
• 2032 (date) — Maturity year of senior unsecured notes
• July 22, 2024 (date) — Date of pricing the offering
• July 26, 2024 (date) — Expected closing date of the offering

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share CCS New York Stock Exchan
• $475,000 — in Mr. Dixon's annual base salary from $475,000 to $650,000, effective immediately, a $
• $650,000 — n's annual base salary from $475,000 to $650,000, effective immediately, a $500,000 cash
• $500,000 — 0 to $650,000, effective immediately, a $500,000 cash bonus to be paid in February 2025
• $750,000 — ef Financial Officer, and an additional $750,000 promotional cash bonus to be paid in Fe

Filing Documents

• ccs-20240722x8k.htm (8-K) — 75KB
• ccs-20240722xex99_1.htm (EX-99.1) — 961KB
• ccs-20240722xex99_1g001.jpg (GRAPHIC) — 18KB
• ccs-20240722xex99_1g002.jpg (GRAPHIC) — 4KB
• ccs-20240722xex99_1g003.jpg (GRAPHIC) — 4KB
• 0001576940-24-000057.txt ( ) — 1235KB
• ccs-20240722.xsd (EX-101.SCH) — 2KB
• ccs-20240722_lab.xml (EX-101.LAB) — 16KB
• ccs-20240722_pre.xml (EX-101.PRE) — 11KB
• ccs-20240722x8k_htm.xml (XML) — 5KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition On July 24, 2024, Century Communities, Inc. (the "Company") issued a press release announcing its results of operations and financial condition as of and for the three and six months ended June 30, 2024. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Current Report on Form 8-K (including Exhibit 99.1) is being "furnished" in accordance with General Instruction B.2 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be incorporated by reference into any registration statement or any other document filed pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such filing. As discussed therein, the press release furnished as Exhibit 99.1 to this Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and, as such, may involve known and unknown risks, uncertainties and assumptions. These forward-looking statements relate to the Company's current expectations and are subject to the limitations and qualifications set forth in the press release as well as in the Company's other documents filed with the U.S. Securities and Exchange Commission, including, without limitation, that actual events and/or results may differ materially from those projected in such forward-looking statements. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On July 22, 2024, the Board of Directors of the Company approved the appointment of J. Scott Dixon as non-interim Chief Financial Off

01. Other Events

Item 8.01. Other Events On July 24, 2024, the Company announced that its Board of Directors authorized a new stock repurchase program of up to an additional 4,500,000 shares of the Company's common stock on the open market, in privately negotiated transactions or otherwise. This new authorized stock repurchase program has no expiration date and may be suspended or terminated by the Company's Board of Directors at any time. The Company now has a total stock repurchase authorization of 5,078,143 shares of the Company's common stock as of July 24, 2024.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d)Exhibits. Exhibit Number Description 10.1 Form of Employee Restricted Stock Unit Award Agreement for use with the Century Communities, Inc. 2022 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.3 to Century Communities, Inc.'s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 5, 2022 (File No. 001-36491)). 99.1 Press release, dated July 24, 2024, announcing Century Communities, Inc.'s results of operations and financial condition as of and for the three and six months ended June 30, 2024. 104 The cover page from this current report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 24, 2024 CENTURY COMMUNITIES, INC. By: / s/ J. Scott Dixon J. Scott Dixon Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR