D.R. Horton Plans to Raise $700 Million With Two-Part Bond SaleCharles Mead
D.R. Horton Inc., the largest U.S. homebuilder by volume, plans to raise $700 million in a two-part bond offering.
The company intends to issue $300 million of senior notes due 2020 and $400 million of securities maturing 2025, Fort Worth, Texas-based D.R. Horton said today in a regulatory filing. Proceeds from the offering, which would add to the firm’s $2.36 billion of notes outstanding, will be used for general corporate purposes.
D.R. Horton’s $350 million of 4.375 percent debt due September 2022 traded yesterday at 103.3 cents on the dollar to yield 3.97 percent, or 196 basis points more than similar-maturity Treasuries, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
The company’s stock rose to its highest level in almost six years yesterday after reporting that earnings more than doubled in the fiscal first quarter.
D.R. Horton is rated Ba2 by Moody’s Investors Service and BB- at Standard & Poor’s.
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