Century Communities’ $500M Senior Notes | Case Study

The Opportunity

Century Communities sought to strengthen its capital structure by refinancing its outstanding 2027 senior notes with a new $500 million senior notes offering due 2033. The transaction was designed to extend the company's debt maturity profile, enhance long-term financial flexibility, and support its disciplined approach to capital management while maintaining access to the debt markets.

Zelman's Role

Building on a longstanding relationship with Century Communities and deep expertise across the homebuilding sector, Zelman was selected to serve as Co-Manager on the offering. The firm's capital markets experience and strong institutional investor relationships helped support the successful execution of the transaction, reinforcing its role as a trusted advisor to one of the nation's largest homebuilders.

‍

The Outcome

Century Communities successfully completed its $500 million offering of 6.625% senior unsecured notes due 2033, using the proceeds, together with cash on hand, to redeem its outstanding 6.750% senior unsecured notes due 2027. The refinancing extended the company's debt maturities while improving financial flexibility and positioning Century Communities to continue executing its long-term growth strategy.

‍

^{Zelman Partners LLC ("Zelman"), a registered broker-dealer and a member of FINRA/SIPC, served as Co-Manager on the transaction described above. This case study is provided for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, nor does it constitute investment, legal, or tax advice. Zelman & Associate’s equity research department maintains independent research coverage on Century Communities (NYSE: CCS). This case study was prepared by Zelman's investment banking personnel, not by research analysts, and does not represent the views, ratings, or price targets of Zelman's research department. Zelman maintains information barriers between its research and investment banking functions designed to prevent investment banking activities from influencing research content, consistent with FINRA Rule 2241. Past transactions are not indicative of future results. This case study reflects publicly available information as of the date of the transaction.}