M.D.C. Holdings, Inc. Announces Intent to Delist Senior Notes

Rhea-AI Summary

M.D.C. Holdings announced its intention to delist its 6.000% Senior Notes due 2043 from the New York Stock Exchange (NYSE). The company also plans to deregister all outstanding issuances of its senior notes with the SEC. This decision has been authorized by the Board of Directors and will not affect the terms of the outstanding senior notes. The last day of trading for these notes on the NYSE is expected to be June 13, 2024. The company does not plan to list or register these notes on another exchange or medium.

Positive

• Decision to delist is authorized by the Board of Directors, indicating strategic planning.

Negative

• Delisting of 6.000% Senior Notes due 2043 may reduce liquidity for noteholders.
• No arrangements for listing on another exchange may limit the trading opportunities for investors.
• Deregistering from the SEC could reduce transparency for investors.

News Market Reaction

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1 alert

% News Effect

On the day this news was published, MDC declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

DENVER, May 24, 2024 /PRNewswire/ -- M.D.C. Holdings, Inc. (the "Company") today announced that, pursuant to authorization from its Board of Directors, the Company has notified the New York Stock Exchange ("NYSE") of its intention to delist its 6.000% Senior Notes due 2043 (NYSE: MDC 43) (the "Notes"), as well as to deregister all outstanding issuances of its senior notes from registration with the Securities and Exchange Commission. The Company has not made, and does not intend to make, arrangements for the listing and/or registration of the Notes on another national securities exchange or for quotation on another medium. These actions do not affect the terms of its outstanding senior notes. The last day of trading of the Notes on the NYSE is expected to be June 13, 2024.

About M.D.C. Holdings

M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding subsidiaries, which operate under the name Richmond American Homes, have helped more than 240,000 homebuyers achieve the American Dream since 1977. One of the largest homebuilders in the nation, MDC is committed to quality and value that is reflected in each home its subsidiaries build. The Richmond American companies have operations in Alabama, Arizona, California, Colorado, Florida, Idaho, Maryland, Nevada, New Mexico, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia and Washington. Mortgage lending, insurance and title services are offered by the following MDC subsidiaries, respectively: HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company. The Notes are traded on the NYSE under the symbol "MDC 43."

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SOURCE M.D.C. Holdings, Inc.

FAQ

What is the last trading day for M.D.C. Holdings' 6.000% Senior Notes on NYSE?

The last trading day is expected to be June 13, 2024.

What will happen to M.D.C. Holdings' senior notes after they are delisted?

The terms of the outstanding senior notes will not be affected, but they will not be listed or registered on another exchange.

Why is M.D.C. Holdings delisting its 6.000% Senior Notes from NYSE?

The company has decided to delist and deregister the notes as part of a strategic decision authorized by the Board of Directors.

Will M.D.C. Holdings list its senior notes on another exchange?

No, the company does not intend to list or register the notes on another exchange or medium.