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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, DC 20549</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 OR 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported):<b> August&nbsp;7, 2013</b></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">WCI Communities,&nbsp;Inc.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-36023</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">27-0472098</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other jurisdiction</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of incorporation)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">24301 Walden Center Drive</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Bonita Springs, Florida</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">34134</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area code: <b>(239)&nbsp;947-2600</b></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not applicable</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or former address, if changed since last report)</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction&nbsp;A.2. below):</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR&nbsp;230.425)</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR&nbsp;240.14a-12)</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;1.01&nbsp; Entry into a Material Definitive Agreement.</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Notes and Indenture</font></i></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On August&nbsp;7, 2013, WCI Communities,&nbsp;Inc. (the &#147;<b>Company</b>&#148;), a Delaware corporation, entered into an indenture (the &#147;<b>Indenture</b>&#148;), by and among the Company, the guarantors named therein (the &#147;<b>Guarantors</b>&#148;) and Wilmington Trust, National Association, as trustee, under which it issued $200,000,000 aggregate principal amount of its 6.875% Senior Notes due 2021 (the &#147;<b>Notes</b>&#148;). The Company used a portion of the net proceeds from the offering (the &#147;<b>Offering</b>&#148;) to voluntarily prepay the entire principal amount outstanding of its senior secured term notes due 2017, of which $125.0 million in aggregate principal amount were issued and outstanding, at a price equal to 101% of the principal amount, plus accrued and unpaid interest, and intends to use the remainder of the net proceeds from the Offering for general corporate purposes, including the acquisition and development of land and home construction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes are senior unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by certain of the Company&#146;s existing and future restricted subsidiaries, excluding the Company&#146;s immaterial subsidiaries and mortgage subsidiaries.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes were offered and sold in a private transaction either to &#147;qualified institutional buyers&#148; pursuant to Rule&nbsp;144A under the Securities Act of 1933, as amended (the &#147;<b>Securities Act</b>&#148;) or to persons outside the United States under Regulation S of the Securities Act.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Optional Redemption</font></i></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set forth below, the Company will not be entitled to redeem the Notes at its option.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On or after August&nbsp;15, 2016, the Company will be entitled at its option to redeem all or a portion of the Notes at the redemption prices (expressed in percentages of principal amount on the redemption date), plus accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on August&nbsp;15 of the years set forth below:</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Redemption&nbsp;Price</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2016</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">105.156</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
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<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.78%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">103.438</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2018</font></p>    </td>
<td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.719</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
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<td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.78%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2019 and thereafter</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At any time prior to August&nbsp;15, 2016, the Company will be entitled at its option on one or more occasions to redeem Notes (which includes additional notes, if any) in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Notes (which includes additional notes, if any) issued prior to such date at a redemption price (expressed as a percentage of principal amount) of 106.875%, plus accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), with an amount not to exceed the net cash proceeds from one or more Equity Offerings (as defined in the Indenture); <i>provided</i>, <i>however</i>, that (1)&nbsp;at least 65% of such aggregate principal amount of Notes (which includes additional notes, if any) remains outstanding immediately after the occurrence of each such redemption (with Notes held, directly or indirectly, by the Company or its affiliates being deemed to be not outstanding for purposes of such calculation); and (2)&nbsp;notice of such redemption shall have been given within 90 days after the date of the related equity offering.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to August&nbsp;15, 2016, the Company will be entitled, at its option, to redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium (as defined in the Indenture) as of, and accrued and unpaid interest to, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Change of Control</font></i></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the occurrence of any Change of Control (as defined in the Indenture), each holder will have the right to require that the Company repurchase such holder&#146;s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Asset Sale Proceeds</font></i></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company or our restricted subsidiaries sell certain assets, the Company generally must either invest any excess net cash proceeds from such sales in its business within a certain period of time, prepay senior secured debt or certain other debt or prepay other senior debt and offer to purchase the Notes on a pro rata basis. The purchase price of the Notes will be 100% of their principal amount, plus accrued and unpaid interest, if any.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Covenants</font></i></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture contains covenants that limit, among other things, the Company&#146;s ability and the ability of its restricted subsidiaries to:</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 56.9pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">incur additional indebtedness;</font></p>
<p style="margin:0in 0in .0001pt 56.9pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">declare or pay dividends, redeem stock or make other distributions to holders of capital stock;</font></p>
<p style="margin:0in 0in .0001pt 56.9pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">make investments;</font></p>
<p style="margin:0in 0in .0001pt 56.9pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">create liens;</font></p>
<p style="margin:0in 0in .0001pt 56.9pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">place restrictions on the ability of subsidiaries to pay dividends or make other payments to the Company;</font></p>
<p style="margin:0in 0in .0001pt 56.9pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">merge or consolidate, or sell, transfer, lease or dispose of substantially all of its assets; and</font></p>
<p style="margin:0in 0in .0001pt 56.9pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">enter into transactions with affiliates.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_210020_5796"></a></font></p>
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<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These covenants are subject to a number of important qualifications and limitations described in the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing does not constitute a complete summary of the terms of the Indenture. The description of the terms of the Indenture is qualified in its entirety by reference to such agreement, which is filed herewith as Exhibit&nbsp;4.1.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Registration Rights Agreement</font></i></b></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the issuance of the Notes, the Company, the Guarantors and the initial purchasers of the Notes entered into an Exchange and Registration Rights Agreement (the &#147;<b>Registration Rights Agreement</b>&#148;), dated August&nbsp;7, 2013. The Registration Rights Agreement requires the Company to (a)&nbsp;file an exchange offer registration statement within 270 days after the closing of the Offering with respect to an offer to exchange the unregistered Notes for new notes of the Company registered under the Securities Act having terms substantially identical in all material respects to those of the Notes (except for provisions relating to transfer restrictions and payments of additional interest), (b)&nbsp;use its commercially reasonable efforts to cause the registration statement to become effective within 330 days after the closing of the Offering; (c)&nbsp;as soon as reasonably practicable after the effectiveness of the exchange offer registration statement, offer the exchange notes for surrender of the Notes; and (d)&nbsp;keep the registered exchange offer open for not less than 30 days (or longer if required by applicable law) after the date notice of the registered exchange offer is sent to holders of the Notes. In addition, the Registration Rights Agreement provides that in the event that the Company cannot effect the exchange offer within the time periods listed above and in certain other circumstances as described in the Registration Rights Agreement, the Company will file a &#147;shelf registration statement&#148; that would allow some or all of the Notes to be offered to the public in the United States. If the Company does not comply with the foregoing obligations under the Registration Rights Agreement, we will be required to pay special interest to the holders of the Notes.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing does not constitute a complete summary of the terms of the Registration Rights Agreement. The description of the terms of the Registration Rights Agreement is qualified in its entirety by reference to such agreement, the form of which is filed herewith as Exhibit&nbsp;10.1.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;1.02&nbsp; Termination of a Material Definitive Agreement.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Prepayment of Outstanding Senior Secured Term Notes due 2017</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The net proceeds from the Offering described above in Item 1.01 were used to fund the voluntary prepayment of all of the Company&#146;s outstanding senior secured term notes issued on June&nbsp;8, 2012 (the &#147;<b>2017 Notes</b>&#148;), of which $125.0 million in aggregate principal amount were issued and outstanding, at a price equal to 101% of the principal amount, plus accrued and unpaid interest to the date of voluntary prepayment. As a result of the closing of the Offering and the deposit by the Company with the administrative agent of funds in an amount sufficient to pay the voluntary prepayment price on the 2017 Notes in full, the Note Purchase Agreement, dated as of June&nbsp;8, 2012 (the &#147;<b>Note Purchase Agreement</b>&#148;), among the Company, the guarantors party thereto, the noteholders party thereto and Wilmington Trust, National Association, as collateral agent and administrative agent, and obligations under the 2017 Notes were terminated in full in accordance with the provisions of the Note Purchase Agreement, subject only to customary surviving provisions of the Note Purchase Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;2.03&nbsp; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information included in Item 1.01 with respect to the Indenture is incorporated by reference into this Item 2.03.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_210259_2897"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;9.01&#160; Financial Statements and Exhibits.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Exhibits.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Number</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture,   dated as of August&nbsp;7, 2013, by and among WCI Communities,&nbsp;Inc., the   guarantors named therein and Wilmington Trust, National Association, as   trustee.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of   6 7/8% Senior Note (included as Exhibit&nbsp;A to Exhibit&nbsp;4.1).</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of   Notation of Guarantee (included as Exhibit&nbsp;D to Exhibit&nbsp;4.1).</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration   Rights Agreement, dated as of August&nbsp;7, 2013, by and among WCI   Communities,&nbsp;Inc., the guarantors named therein and Citigroup Global   Markets Inc., as representative for the initial purchasers.</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_210454_3020"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:42.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WCI   COMMUNITIES,&nbsp;INC.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Vivien Hastings</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vivien   Hastings</font></p>    </td>   </tr>
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President, Secretary and General   Counsel</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: August&nbsp;8, 2013</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5<a name="PB_5_210512_7748"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDEX TO EXHIBITS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;Number</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:86.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="86%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:86.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture,   dated as of August&nbsp;7, 2013, by and among WCI Communities,&nbsp;Inc., the   guarantors named therein and Wilmington Trust, National Association, as   trustee.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of   6 7/8% Senior Note (included as Exhibit&nbsp;A to Exhibit&nbsp;4.1).</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of   Notation of Guarantee (included as Exhibit&nbsp;D to Exhibit&nbsp;4.1).</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="86%" valign="top" style="padding:0in 0in 0in 0in;width:86.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration   Rights Agreement, dated as of August&nbsp;7, 2013, by and among WCI   Communities,&nbsp;Inc., the guarantors named therein and Citigroup Global   Markets Inc., as representative for the initial purchasers.</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6<a name="PB_6_210635_141"></a></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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{"company-data": {"conformed-name": "WCI Communities, Inc.", "cik": "0001574532", "assigned-sic": "1531", "irs-number": "270472098", "state-of-incorporation": "DE", "fiscal-year-end": "0609"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36023", "film-number": "131023000"}, "business-address": {"street1": "24301 WALDEN CENTER DRIVE", "city": "BONITA SPRINGS", "state": "FL", "zip": "34134", "phone": "239-947-2600"}, "mail-address": {"street1": "24301 WALDEN CENTER DRIVE", "city": "BONITA SPRINGS", "state": "FL", "zip": "34134"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 7, 2013
WCI Communities, Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-36023
27-0472098
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
24301 Walden Center Drive
Bonita Springs, Florida
34134
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(239) 947-2600
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01  Entry into a Material Definitive Agreement.
Notes and Indenture
On August 7, 2013, WCI Communities, Inc. (the "
Company
"), a Delaware corporation, entered into an indenture (the "
Indenture
"), by and among the Company, the guarantors named therein (the "
Guarantors
") and Wilmington Trust, National Association, as trustee, under which it issued $200,000,000 aggregate principal amount of its 6.875% Senior Notes due 2021 (the "
Notes
"). The Company used a portion of the net proceeds from the offering (the "
Offering
") to voluntarily prepay the entire principal amount outstanding of its senior secured term notes due 2017, of which $125.0 million in aggregate principal amount were issued and outstanding, at a price equal to 101% of the principal amount, plus accrued and unpaid interest, and intends to use the remainder of the net proceeds from the Offering for general corporate purposes, including the acquisition and development of land and home construction.
The Notes are senior unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by certain of the Company's existing and future restricted subsidiaries, excluding the Company's immaterial subsidiaries and mortgage subsidiaries.
The Notes were offered and sold in a private transaction either to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act of 1933, as amended (the "
Securities Act
") or to persons outside the United States under Regulation S of the Securities Act.
Optional Redemption
Except as set forth below, the Company will not be entitled to redeem the Notes at its option.
On or after August 15, 2016, the Company will be entitled at its option to redeem all or a portion of the Notes at the redemption prices (expressed in percentages of principal amount on the redemption date), plus accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on August 15 of the years set forth below:
Period
Redemption Price
2016
105.156
%
2017
103.438
%
2018
101.719
%
2019 and thereafter
100.000
%
At any time prior to August 15, 2016, the Company will be entitled at its option on one or more occasions to redeem Notes (which includes additional notes, if any) in an aggregate principal amount not to exceed 35% of the aggregate principal amount of the Notes (which includes additional notes, if any) issued prior to such date at a redemption price (expressed as a percentage of principal amount) of 106.875%, plus accrued and unpaid interest to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), with an amount not to exceed the net cash proceeds from one or more Equity Offerings (as defined in the Indenture);
provided
,
however
, that (1) at least 65% of such aggregate principal amount of Notes (which includes additional notes, if any) remains outstanding immediately after the occurrence of each such redemption (with Notes held, directly or indirectly, by the Company or its affiliates being deemed to be not outstanding for purposes of such calculation); and (2) notice of such redemption shall have been given within 90 days after the date of the related equity offering.
Prior to August 15, 2016, the Company will be entitled, at its option, to redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium (as defined in the Indenture) as of, and accrued and unpaid interest to, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).
Change of Control
Upon the occurrence of any Change of Control (as defined in the Indenture), each holder will have the right to require that the Company repurchase such holder's Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase.
Asset Sale Proceeds
If the Company or our restricted subsidiaries sell certain assets, the Company generally must either invest any excess net cash proceeds from such sales in its business within a certain period of time, prepay senior secured debt or certain other debt or prepay other senior debt and offer to purchase the Notes on a pro rata basis. The purchase price of the Notes will be 100% of their principal amount, plus accrued and unpaid interest, if any.
Covenants
The Indenture contains covenants that limit, among other things, the Company's ability and the ability of its restricted subsidiaries to:
·
incur additional indebtedness;
·
declare or pay dividends, redeem stock or make other distributions to holders of capital stock;
·
make investments;
·
create liens;
·
place restrictions on the ability of subsidiaries to pay dividends or make other payments to the Company;
·
merge or consolidate, or sell, transfer, lease or dispose of substantially all of its assets; and
·
enter into transactions with affiliates.
2
These covenants are subject to a number of important qualifications and limitations described in the Indenture.
The foregoing does not constitute a complete summary of the terms of the Indenture. The description of the terms of the Indenture is qualified in its entirety by reference to such agreement, which is filed herewith as Exhibit 4.1.
Registration Rights Agreement
In connection with the issuance of the Notes, the Company, the Guarantors and the initial purchasers of the Notes entered into an Exchange and Registration Rights Agreement (the "
Registration Rights Agreement
"), dated August 7, 2013. The Registration Rights Agreement requires the Company to (a) file an exchange offer registration statement within 270 days after the closing of the Offering with respect to an offer to exchange the unregistered Notes for new notes of the Company registered under the Securities Act having terms substantially identical in all material respects to those of the Notes (except for provisions relating to transfer restrictions and payments of additional interest), (b) use its commercially reasonable efforts to cause the registration statement to become effective within 330 days after the closing of the Offering; (c) as soon as reasonably practicable after the effectiveness of the exchange offer registration statement, offer the exchange notes for surrender of the Notes; and (d) keep the registered exchange offer open for not less than 30 days (or longer if required by applicable law) after the date notice of the registered exchange offer is sent to holders of the Notes. In addition, the Registration Rights Agreement provides that in the event that the Company cannot effect the exchange offer within the time periods listed above and in certain other circumstances as described in the Registration Rights Agreement, the Company will file a "shelf registration statement" that would allow some or all of the Notes to be offered to the public in the United States. If the Company does not comply with the foregoing obligations under the Registration Rights Agreement, we will be required to pay special interest to the holders of the Notes.
The foregoing does not constitute a complete summary of the terms of the Registration Rights Agreement. The description of the terms of the Registration Rights Agreement is qualified in its entirety by reference to such agreement, the form of which is filed herewith as Exhibit 10.1.
Item 1.02  Termination of a Material Definitive Agreement.
Prepayment of Outstanding Senior Secured Term Notes due 2017
The net proceeds from the Offering described above in Item 1.01 were used to fund the voluntary prepayment of all of the Company's outstanding senior secured term notes issued on June 8, 2012 (the "
2017 Notes
"), of which $125.0 million in aggregate principal amount were issued and outstanding, at a price equal to 101% of the principal amount, plus accrued and unpaid interest to the date of voluntary prepayment. As a result of the closing of the Offering and the deposit by the Company with the administrative agent of funds in an amount sufficient to pay the voluntary prepayment price on the 2017 Notes in full, the Note Purchase Agreement, dated as of June 8, 2012 (the "
Note Purchase Agreement
"), among the Company, the guarantors party thereto, the noteholders party thereto and Wilmington Trust, National Association, as collateral agent and administrative agent, and obligations under the 2017 Notes were terminated in full in accordance with the provisions of the Note Purchase Agreement, subject only to customary surviving provisions of the Note Purchase Agreement.
Item 2.03  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 with respect to the Indenture is incorporated by reference into this Item 2.03.
3
Item 9.01  Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit Number
Description
4.1
Indenture,   dated as of August 7, 2013, by and among WCI Communities, Inc., the   guarantors named therein and Wilmington Trust, National Association, as   trustee.
4.2
Form of   6 7/8% Senior Note (included as Exhibit A to Exhibit 4.1).
4.3
Form of   Notation of Guarantee (included as Exhibit D to Exhibit 4.1).
10.1
Registration   Rights Agreement, dated as of August 7, 2013, by and among WCI   Communities, Inc., the guarantors named therein and Citigroup Global   Markets Inc., as representative for the initial purchasers.
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WCI   COMMUNITIES, INC.
/s/   Vivien Hastings
Vivien   Hastings
Senior Vice President, Secretary and General   Counsel
Dated: August 8, 2013
5
INDEX TO EXHIBITS
Exhibit Number
Description
4.1
Indenture,   dated as of August 7, 2013, by and among WCI Communities, Inc., the   guarantors named therein and Wilmington Trust, National Association, as   trustee.
4.2
Form of   6 7/8% Senior Note (included as Exhibit A to Exhibit 4.1).
4.3
Form of   Notation of Guarantee (included as Exhibit D to Exhibit 4.1).
10.1
Registration   Rights Agreement, dated as of August 7, 2013, by and among WCI   Communities, Inc., the guarantors named therein and Citigroup Global   Markets Inc., as representative for the initial purchasers.
6