New Issue: D.R. Horton drive-by $100 million 10-year notes yield 5 7/8%

By Paul A. Harris

St. Louis, June 18 - D.R. Horton, Inc. sold a quick-to-market public offering of $100 million of senior notes due July 1, 2013 (Ba1/BB) at par, Wednesday, to yield 5 7/8%, according to an informed source.

UBS Investment Bank and Credit Suisse First Boston were joint bookrunners for the off-the-shelf offering.

The Arlington, Tex.-based homebuilder plans to use proceeds to call its $100 million outstanding 9% senior notes due 2008.

Issuer:	D.R. Horton, Inc.
Amount:	$100 million
Maturity:	July 1, 2013
Security description:	Senior notes
Bookrunners:	UBS Investment Bank, Credit Suisse First Boston (joint)
Coupon:	5 7/8%
Price:	Par
Yield:	5 7/8%
Spread:	252 basis points
Call features:	Callable on July 1, 2008 at 102.938, then at 101.958, 100.979, declining to par on July 1, 2011 and thereafter
Settlement date:	June 25, 2003
Ratings:	Moody's: Ba1
	Standard & Poor's: BB
Cusip:	23331AAQ2
Distribution:	Off shelf

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