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D.R. Horton calls 0% convertibles
New York, May 27 - D.R. Horton, Inc. called its zero-coupon convertible senior notes due 2021.
The Arlington, Texas homebuilder will redeem the securities on June 26, 2003 at $561.9557 per $1,000 principal amount at maturity.
Holders may convert the notes into D.R. Horton common stock up to 5.00 p.m. ET on June 25 at 26.2391 shares per $1,000 principal amount at maturity of the notes. D.R. Horton stock closed at $25.34 Tuesday.
D.R. Horton said it has $381.113 million of the notes outstanding and if none are converted it will pay $214.169 million to redeem the securities.
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