By Paul A. Harris
St. Louis, Feb. 4 - D.R. Horton Inc. priced a quick-to-market $300 million offering of 10-year senior notes (Ba1/BB+) at 98.782 with a 5¼% coupon to yield 5.409% according to market sources.
Wachovia Securities was the bookrunner for the deal.
Proceeds will be used for general corporate purposes.
D.R. Horton is an Arlington, Texas-based builder and seller of homes designed principally for the entry-level and first-time move-up markets.
| Issuer: | D.R. Horton Inc.
|
| Amount: | $300 million
|
| Maturity: | Feb. 15, 2015
|
| Security description: | Senior notes
|
| Bookrunner: | Wachovia Securities
|
| Coupon: | 5¼%
|
| Price: | 98.782
|
| Yield: | 5.409%
|
| Spread: | 133 basis points
|
| Call protection: | Make-whole call at Treasuries plus 25 basis points
|
| Trade date: | Feb. 4
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
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