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KB Home Issues $400 Million of Bonds as Housing Sales Decline

KB Home sold $400 million of bonds that it may use to acquire and develop land, in its first offering in five months.

The builder issued 4.75 percent, senior notes maturing in 2019 that yielded 304 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. Proceeds from the sale, which was increased in size from $300 million initially marketed, may be used for general corporate purposes, including land acquisitions and land development, according to a statement yesterday from the Los Angeles-based company.