D.R. Horton repays 5%, 8% senior notes; repurchases $103 million in notes for $99 million

By Devika Patel

Knoxville, Tenn., May 4 - D.R. Horton, Inc. repaid its $460 million in 5% and 8% senior notes, which became due on Jan. 15, 2009 and Feb. 1, 2009, respectively, and repurchased $77.8 million of its outstanding notes with maturities beyond 2009 during the second quarter, according to a company earnings report.

The company said it paid a total of $75.3 million plus accrued interest for these notes.

Subsequent to March 31, the company repurchased $25.2 million of its notes for $23.7 million, plus accrued interest.

"We have generated positive cash flow from operations in each of the past eleven quarters, and our cash balance was $1.5 billion at March 31, 2009, even after redeeming approximately $538 million of our outstanding notes during the quarter," chairman of the board Donald R. Horton said in a press release. "We plan to generate positive operating cash flow in fiscal 2009, in addition to the cash provided by any federal income tax refunds."

D.R. Horton is a Fort Worth-based homebuilder.

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