D.R. Horton to redeem 10½% notes due 2011

By Jennifer Chiou

New York, June 12 - D.R. Horton, Inc. announced the July 15 redemption of its 10½% senior subordinated notes due 2011.

The notes will be redeemed at a price of $1,052.50 per $1,000 principal amount, plus interest of $52.50.

The Fort Worth, Texas-based single-family homebuilder said the redemption price is $152.4 million in addition to $7.6 million for accrued interest up to the redemption date.

The company said that the notes were originally issued by Schuler Homes, Inc. and added it assumed them in a February 2002 merger.

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