Builder raises $50 million

BONITA SPRINGS — WCI Communities says it is raising an additional $50 million in debt to buy land and build homes, according to securities filings.

WCI will sell the $50 million in notes on the same terms as the $200 million it has already raised with a rate of 6.875% due in 2021. “The closing of the offering is expected to occur on June 26, subject to the satisfaction of customary closing conditions,” the company says in a filing with the Securities and Exchange Commission.

“The company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition and development of land and home construction,” WCI says in the filing.

WCI, which emerged from bankruptcy reorganization in 2009, has been busy acquiring land and building homes. For example, WCI recently paid $13.7 million to buy back Artesia, a residential development it started in Naples and later sold (click here to read the story.)