D.R. Horton to pay off debt; credit ratings rally to investment grade

By Devika Patel

Knoxville, Tenn., Jan. 24 – D.R. Horton, Inc. plans to pay off $350 million of its $2.8 billion of notes when they mature in May, the company’s executives said on Tuesday. In addition, the Fort Worth homebuilder has now earned investment grade ratings from all three credit agencies.

“The balance of our public notes outstanding as of Dec. 31 was $2.8 billion and we have a total of $350 million of senior notes that will mature this year in May,” chief financial officer and executive vice president Bill Wheat said on the company’s first quarter earnings conference call on Tuesday.

“Our top priorities for 2017 include continuing to consolidate market share, paying off the $350 million of senior notes that are maturing in May and providing consistent dividends to our shareholders,” Wheat said.

Wheat also noted that the company’s credit ratings have improved.

“Subsequent to quarter end, Moody’s upgraded our corporate credit rating to Baa3 and we now have investment grade ratings from all three rating agencies,” Wheat said.

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