By Paul A. Harris
Portland, Ore., April 25 - D.R. Horton, Inc. priced an upsized $350 million issue of 4¾% non-callable five-year notes (Ba2/BB-/BB) at par to yield 4.749% on Wednesday, according to an informed source.
The yield printed at the tight end of yield talk, which was set at 4 7/8%.
Citigroup Global Markets Inc. was the left bookrunner for the quick-to-market issue, which was upsized from $300 million and was priced on the investment-grade desk.
J.P. Morgan Securities LLC and UBS Securities LLC were the joint bookrunners.
The Fort Worth, Texas-based homebuilder plans to use the proceeds for general corporate purposes.
| Issuer: | D.R. Horton, Inc.
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | May 15, 2017
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | J.P. Morgan Securities LLC, UBS Securities LLC
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4.749%
|
| Spread: | 389.7 bps
|
| Call protection: | Non-callable
|
| Make-whole: | Treasuries plus 50 bps
|
| Change-of-control put: | 101%
|
| Trade date: | April 25
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
| Distribution: | Registered
|
| Price talk: | 4 7/8%
|
| Marketing: | Quick to market
|
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