Millrose Properties, Inc. (MRP) announced the completion of a $1.0 billion private offering of senior unsecured notes. The offering, which closed on October 6, 2026, consists of two separate tranches of $500 million each with different interest rates and maturity dates.
Key Details
- Tranche 1: $500 million in aggregate principal amount of 6.500% senior notes due October 15, 2029.
- Tranche 2: $500 million in aggregate principal amount of 6.750% senior notes due October 15, 2031.
- Special Redemption Clause: The 2031 Notes are subject to mandatory redemption at 100% of the principal amount if the previously announced merger between Dream Finders Homes, Inc. and Beazer Homes, Inc. is not completed by May 13, 2027.
- Security: The notes are senior unsecured obligations and are fully guaranteed by certain wholly-owned subsidiaries of the company.