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Mattamy Group Corporation's Successful Senior Notes Offering

In a significant development for the homebuilding sector, Mattamy Group Corporation, recognized as North America’s largest family-owned homebuilder, has announced the successful completion of a senior unsecured notes offering. The offering raised a substantial total of US$475 million and CAD$350 million in aggregate principal amount. This strategic move is aimed at strengthening the company’s financial footing and supporting its growth objectives.

Purpose of the Offering

The proceeds from this offering are earmarked for specific financial activities that are critical to Mattamy’s ongoing operations. Specifically, the company plans to use the net funds to fully redeem its outstanding US$500 million principal amount of 5.250% senior notes that are due in 2027, alongside the CAD$250 million principal amount of 4.625% senior notes maturing in 2028. Additionally, the company intends to repay certain borrowings from its revolving credit facilities and cover related fees and expenses associated with the offering.

This strategic financial maneuver not only enhances Mattamy's liquidity position but also allows the company to manage its long-term debt more effectively, demonstrating its commitment to maintaining a robust financial structure amidst changing market conditions.

Understanding Mattamy Homes

Founded over 47 years ago, Mattamy Homes has carved a niche for itself in the North American housing market, assisting over 8,000 families annually in achieving their dream of homeownership. With operations spread across 11 markets in the United States—including Dallas, Charlotte, Raleigh, Phoenix, and more—as well as a notable presence in Canada’s Greater Toronto Area, Ottawa, Calgary, and Edmonton, the company has established itself as a leader in residential communities.

The Mattamy Approach

Mattamy focuses on creating sustainable communities that not only meet the immediate needs of homeowners but also enhance their quality of life. The company emphasizes innovative design and energy-efficient building practices, aligning with the growing consumer demand for eco-friendly living spaces. Their dedication to community development extends beyond just construction; they engage with local neighborhoods to foster vibrant, livable areas conducive to long-term growth.

Looking Ahead: A Commitment to Growth

Post-offering, Mattamy Group expresses optimism about its trajectory in the residential market. The funding boosts its working capital and positions the company to continue its expansion plans strategically. While the homebuilding industry faces challenges such as rising material costs and fluctuating demand, Mattamy is well-equipped to navigate these circumstances with proactive financial strategies.

Forward-Looking Statements

This announcement contains forward-looking statements as defined by applicable U.S. and Canadian securities laws. These statements, including anticipated usage of proceeds from the offering, entail risks and uncertainties that could lead to actual outcomes differing significantly from initial expectations. Mattamy Group underscores the importance of exercising caution and not placing undue reliance on these projections. The company reaffirms its intention to comply with applicable securities laws when disseminating updated forecasts.

In summary, the completion of the US$475 million and CAD$350 million senior unsecured notes offering is a promising step toward securing Mattamy's financial future and facilitating further growth opportunities in both the United States and Canadian markets. By judiciously managing its debts and strategically investing in new projects, Mattamy Group stands poised to enhance its reputation and operational efficiency in the competitive homebuilding landscape.