By Paul A. Harris
St. Louis, Sept. 14 - D.R. Horton Inc. sold $250 million of 10-year senior notes (Ba1/BB+) Tuesday at 99.174 with a 5 5/8% coupon to yield 5.735%, according to market sources.
UBS Investment Bank ran the books for the off-the-shelf issue.
Proceeds will be used to repay debt outstanding under the company's revolving credit facility.
Arlington, Texas-based D.R. Horton is engaged in the construction and sale of homes designed principally for the entry-level and first time move-up markets.
| Issuer: | D.R. Horton Inc.
|
| Amount: | $250 million
|
| Maturity: | Sept. 15, 2014
|
| Security description: | Senior notes
|
| Bookrunner: | UBS Investment Bank
|
| Coupon: | 5 5/8%
|
| Price: | 99.174
|
| Yield: | 5.735%
|
| Spread: | 158 basis points
|
| Call protection: | Non-callable for life
|
| Pricing date: | Sept. 14
|
| Settlement date: | Sept. 21
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
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