By Paul A. Harris
St. Louis, Nov. 22 - D.R. Horton, Inc. upsized its drive-by offering of senior notes due Dec. 1, 2007 (Ba1/BB) to $215 million from a planned $200 million and priced it at par Friday to yield 7½%, according to a syndicate source.
Price talk was for a yield in the 7½% area.
Banc of America Securities was the bookrunner. Wachovia Securities, Inc. was co-manager.
Proceeds from the off-the-shelf deal will be used to repay borrowings outstanding on its revolving credit facility.
The issuer is an Arlington, Tex.-based home builder and seller.
Issuer: D.R. Horton, Inc;
Amount: $215 million (increased from $200 million)
Maturity: Dec. 1, 2007
Description of securities: Senior notes
Manager: Banc of America Securities (books)
Co-manager: Wachovia Securities, Inc.
Coupon: 7½%
Price: Par
Yield: 7½%
Price talk: 7½% area
Spread: 428 basis points
Call features: Non-callable
Equity clawback: Until Dec. 1, 2005 for 355 at 107.5
Ratings: Moody's: Ba1
| Standard & Poor's: BB
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| Distribution: | Off shelf
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| Settlement date: | Dec. 3, 2002
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| Cusip: | 23331AAN9
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