By Paul A. Harris
St. Louis, Jan. 6 - D.R. Horton Inc. priced an upsized $200 million issue of five-year senior notes Tuesday at 99.72 with a 5% coupon to yield 5.064%, a market source said.
The notes (Ba1/BB/BB+), which mature Jan. 15, 2009, were increased from an originally planned $150 million.
The notes priced at a spread of 182 basis points over Treasuries, in line with price talk, the source added.
Citigroup ran the books on the registered deal.
The Arlington, Texas-based home builder plans to use proceeds to redeem $150 million of the company's 8 3/8% senior notes due June 15, 2004.
| Issuer: | D.R. Horton Inc.
|
| Amount: | $200 million (increased from $150 million)
|
| Maturity: | Jan. 15, 2009
|
| Security description: | Senior notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 5%
|
| Price: | 99.72
|
| Yield: | 5.064%
|
| Spread: | 182 basis points
|
| Call features: | Non-callable
|
| Settlement date: | Jan. 13
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Fitch: BB+
|
| Price talk: | 182 basis points
|
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