New Issue: D.R. Horton gives more details of $500 million 2.5% five-year notes

By Devika Patel

Knoxville, Tenn., Oct. 8 – D.R. Horton, Inc. offered further details about a $500 million sale of 2.5% five-year senior notes (Baa3/BBB/BBB) that priced at Treasuries plus 112.5 basis points on Monday, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.939 to yield 2.513%.

The bookrunners were J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc. and U.S. Bancorp Investments Inc.

Proceeds will be used for general corporate purposes, including redeeming the company’s 4% senior notes due Feb. 15, 2020 prior to maturity.

The homebuilder is based in Fort Worth.

Issuer:	D.R. Horton, Inc.
Amount:	$500 million
Description:	Senior notes
Maturity:	Oct. 15, 2024
Bookrunners:	J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc. and U.S. Bancorp Investments Inc.
Co-managers:	BofA Securities, Inc., BB&T Capital Markets, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC, BNP Paribas Securities Corp., Citizens Capital Markets, Inc., Comerica Securities, Inc., Samuel A. Ramirez & Co. Inc., Regions Securities LLC and WoodRock Securities, LP
Coupon:	2.5%
Price:	99.939
Yield:	2.513%
Spread:	Treasuries plus 112.5 bps
Call:	Make-whole call at Treasuries plus 20 bps until Sept. 15, 2024, then a par call
Change-of-control put:	At 101
Trade date:	Oct. 7
Settlement date:	Oct. 10
Ratings:	Moody’s: Baa3
	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered

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