Wed, Aug 14, 9:08 PM (153 days ago)
On August 14, 2024, D.R. Horton, Inc. announced the completion of a public offering of $700,000,000 in 5.000% Senior Notes due 2034. The net proceeds from this offering amounted to $688.5 million. The Notes will accrue interest at 5.000% per annum, with payments scheduled semi-annually starting April 15, 2025, and will mature on October 15, 2034. The issuance is governed by a Senior Debt Securities Indenture and guaranteed by the company's homebuilding subsidiaries. The company retains the option to redeem the Notes prior to maturity under specified conditions. Additionally, a change of control provision requires the company to offer to purchase the Notes at 101% of their principal amount upon certain events. The Notes rank as general unsecured obligations, senior to future subordinated debt. This issuance is expected to impact D.R. Horton's financial position positively, providing liquidity for operations and growth initiatives. The Notes have been approved for listing on the New York Stock Exchange, which may enhance market visibility and investor interest.