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PulteGroup gets early tenders on offer for up to $300 million notes
By Taylor Fox
New York, Feb. 11 – PulteGroup, Inc. announced the early tender results on its offers to purchase up to $300 million of its $700 million outstanding 5½% senior notes due 2026 (Cusip: 745867AW1) and $600 million outstanding 5% senior notes due 2027 (Cusip: 745867AX9), according to a news release.
As of the 5 p.m. ET Feb. 10 early tender time, $371,437,000 of the 2026 notes and $205,883,000 of the 2027 notes were tendered.
PulteGroup will accept up to $200 million of the 5½% notes at a total consideration price of $1,200 per $1,000 of notes tendered, including an early tender premium of $30 per $1,000 of notes, and up to $100 million of the 5% notes for total consideration of $1,195 per $1,000 of notes tendered, including an early tender premium of $30 per $1,000 of notes, subject to a proration factor of 53.98% for the 2026 notes and 48.85% for the 2027 notes.
The company does not expect to accept any further tenders.
As previously reported, priority will be given to the 5½% notes.
Holders who tendered notes prior to the 5 p.m. ET on Feb. 10 early tender date will receive the total consideration for the notes.
PulteGroup intends to fund the offer, including interest on the notes, using cash on hand.
Tendered notes may no longer be withdrawn.
The early settlement date is expected to occur two business days after the early tender time.
The offer will expire at 11:59 p.m. ET on Feb. 25.
The final settlement date is expected to occur two business days after the expiration date.
Citigroup Global Markets Inc. (800 558-3745, 212 723-6106) is the dealer manager, and Global Bondholder Services, Inc. (866 470-4300, 212 430-3774) is the information and tender agent.
PulteGroup is a homebuilder based in Atlanta.
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