PulteGroup gives early results in tender offers for $1 billion notes

By Jennifer Chiou

New York, Nov. 7 - PulteGroup, Inc. announced the early tender results for its cash offers for up to $1 billion aggregate principal amount of six series of notes, four of which were issued by subsidiary Centex Corp.

In the first offer for any and all notes, PulteGroup has obtained early tenders for the following:

• $11,702,000, or 9.79%, of its $119,477,000 of 5 1/8% notes due 2013;

• $25,935,000, or 10.13%, of its $255,919,000 of 5¼% notes due 2014;

• $75,833,000, or 23.8%, of its $318,671,000 of 5.7% notes due 2014; and

• $82,394,000, or 39.61%, of its $208,027,000 of 5.2% notes due 2015.

Of the four series of notes listed above, the 5 1/8% notes and 5.7% notes were issued by Centex. The company said that it has accepted all early tenders for those notes.

In the second offer for a capped amount of notes, the company took in early tenders for $10,885,000, or 3.83%, of Centex's $284,464,000 of 5¼% notes due 2015 and $14,755,000, or 3.07%, of Centex's $480 million of 6½% notes due 2016.

In this offer, the maximum combined amount of notes accepted for purchase will equal $1 billion minus the aggregate value of notes tendered in the any and all offer. Of the remaining dollar amount available for purchasing notes in the second offer, the 5¼% notes due 2015 will have a higher acceptance priority level than the 6½% notes.

As reported, the total purchase price per $1,000 principal amount of notes will be $1,041.25 for the 5 1/8% notes, $1,048.75 for the 5¼% notes due 2014, $1,070.00 for the 5.7% notes, $1,080.00 for the 5.2% notes, $1,085.00 for the 5¼% notes due 2015 notes and $1,130.00 for the 6½% notes. The amounts include an early tender payment of $30.00 per $1,000 principal amount for notes tendered by 5 p.m. ET on Nov. 6, the early tender date. Settlement for these notes is expected on Nov. 8.

Tenders of notes may be validly withdrawn at any time before the early tender deadline.

The tender offers will expire at midnight ET Nov. 21, with final settlement following on Nov. 23. They began on Oct. 24.

The company will also pay accrued interest from the last interest payment date to, but not including, the applicable settlement date.

At the time of issue of the 5¼% notes due 2014 and the 5.2% notes, the issuer was known as Pulte Homes, Inc.

Citigroup (800 558-3745 or 212 723-6106), Bank of America Merrill Lynch (888 292-0070 or 980 387-3907), Deutsche Bank Securities (855 287-1922 or 212 250-7527), J.P. Morgan (800 245-8812 or 212 270-1200), UBS Investment Bank (888 719-4210 or 203 719-4210) and Wells Fargo Securities (866 309-6316 or 704 715-8341) are the dealer managers. Global Bondholder Services Corp. (866 873-5600 or 212 430-3774) is the depositary and the information agent.

Bloomfield Hills, Mich.-based PulteGroup is a homebuilding company.

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