PulteGroup calls $328 million outstanding notes due 2011, 2012

By Melissa Kory

Cleveland, Nov. 16 - PulteGroup, Inc. announced that it will redeem its outstanding $85.6 million of 7 7/8% notes due Feb. 1, 2011 issued by Centex Corp., $110.3 million of 7½% notes due Jan. 15, 2012 also issued by Centex and $132.2 million of 7 7/8% notes due Aug. 1, 2011 issued by PulteGroup.

The notes will be redeemed Dec. 15.

The redemption will be funded from the company's available cash balances and follows the company's recently completed tender for $500 million in outstanding notes. That offer covered Pulte's 6¼% notes due 2013, Centex's 5 1/8% notes due 2013, Pulte's 5¼% notes due 2014, Centex's 5.7% notes due 2014, Pulte's 5.2% notes due 2015 and Centex's 5¼% notes due 2015.

"Including these pending redemptions, PulteGroup will have lowered its outstanding debt by approximately $2.8 billion over the past two years, saving the company approximately $180 million in annual interest costs," Roger A. Cregg, executive vice president and chief financial officer, said in a news release.

PulteGroup is a Bloomfield Hills, Mich.-based homebuilder.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.