By Paul A. Harris
St. Louis, April 11 - D.R. Horton Inc. priced an upsized quick-to-market offering of $200 million senior notes due May 1, 2013 (Ba1/BB) Friday at par to yield 6 7/8%, according to a syndicate source.
Price talk was 6 7/8% and the deal was planned at $150 million.
Citigroup and Banc of America Securities were joint bookrunners.
Proceeds from the off-the-shelf deal will be used to call the approximately $148.5 million outstanding principal amount of its 10% senior notes due 2006.
The Arlington, Tex.-based company builds and sells homes in the entry-level and first time move-up markets, in the Midwest, Mid-Atlantic, Southeast, Southwest and Western regions of the U.S.
| Issuer: | D.R. Horton Inc.
|
| Amount: | $200 million (increased from $150 million)
|
| Maturity: | May 1, 2013
|
| Security description: | Senior notes
|
| Bookrunners: | Citigroup, Banc of America Securities (joint)
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 290 basis points
|
| Price talk: | 6 7/8%
|
| Call features: | Non-callable
|
| Equity clawback: | Until May 1, 2006 for up to 35% at 106.875
|
| Settlement date: | April 17, 2003
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Cusip: | 23331AAP4
|
| Distribution: | Off shelf
|
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