Stanley Martin Communities, a Washington, D.C., privately held homebuilder, is shopping a $125 million junk bond (B+/B1). Wachovia Securities is leading the deal, one of only a handful of upcoming issues from the private building sector. Crossing the line into the public markets is a milestone for private companies because it requires them to open up books for public scrutiny, said Joseph Snider, an analyst at Moody's Investors Service. Calls to the company's executives were not returned by press time.
D.C. Homebuilder Readies First Junk