Published on 7/29/2021 in the Prospect News Investment Grade Daily.
New Issue: D.R. Horton prices $600 million of 1.3% notes due 2026 at Treasuries plus 60 bps
By Wendy Van Sickle
Columbus, Ohio, July 29 – D.R. Horton, Inc. priced $600 million of 1.3% senior notes due Oct. 15, 2026 (Baa2/BBB/BBB+) on Thursday at 99.919 to yield 1.316%, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at Treasuries plus 60 basis points.
Citigroup Global Markets Inc., Mizuho Securities USA LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., PNC Capital Markets LLC, TD Securities (USA) LLC and Truist Securities, Inc. are joint bookrunners for the deal.
The issue will be guaranteed by all of D.R. Horton’s homebuilding subsidiaries.
The Arlington, Tex.-based homebuilder plans to use proceeds from the offering for general corporate purposes.
| Issuer: | D.R. Horton, Inc.
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| Guarantors: | D.R. Horton homebuilding subsidiaries
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| Amount: | $600 million
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| Description: | Senior notes
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| Maturity: | Oct. 15, 2026
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| Bookrunners: | Citigroup Global Markets Inc., Mizuho Securities USA LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., PNC Capital Markets LLC, TD Securities (USA) LLC and Truist Securities, Inc.
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| Co-managers: | BNP Paribas Securities Corp., Citizens Capital Markets, Inc., Comerica Securities, Inc., Fifth Third Securities, Inc., Huntington Securities, Inc., Regions Securities LLC, Samuel A. Ramirez & Co., Inc. and WoodRock Securities, LP
|
| Coupon: | 1.3%
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| Price: | 99.919
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| Yield: | 1.316%
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| Spread: | Treasuries plus 60 bps
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| Call: | Make-whole call at Treasuries plus 10 bps until Sept. 15, 2026, then par call
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| Change-of-control: | 101
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| Trade date: | July 29
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| Settlement date: | Aug. 5
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Cusip: | 23331ABQ1
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