By Paul A. Harris
Portland, Ore., Feb. 19 - D.R. Horton, Inc. priced an upsized $500 million issue of five-year senior notes (Ba1/BB/) at par to yield 3¾% on Wednesday, according to a syndicate source.
The deal was upsized from $400 million.
The yield printed at the tight end of the 3¾% to 3 7/8% yield talk.
Wells Fargo Securities LLC was the left bookrunner. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBS Securities Inc. were the joint bookrunners.
The notes feature a par call three months prior to maturity but are otherwise non-callable.
The Fort Worth, Texas-based homebuilder plans to use the proceeds for general corporate purposes.
| Issuer: | D.R. Horton, Inc.
|
| Amount: | $500 million, increased from $400 million
|
| Maturity: | March 1, 2019
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 221 bps
|
| Call protection: | Callable at par three months prior to maturity, otherwise non-callable
|
| Trade date: | Feb. 19
|
| Settlement date: | Feb. 24
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Distribution: | SEC registered
|
| Price talk: | 3¾% to 3 7/8%
|
| Marketing: | Quick to market
|
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