🔴 Millrose Properties is trading 4.1% down today after pricing $1.0 billion in senior notes

Millrose Properties is trading 4.1% down at $27.56 after pricing a $1.0 billion senior-notes offering.

• The offering includes $500 million due 2029 at 6.500% and $500 million due 2031 at 6.750%.
• The transaction is intended to support homesite acquisitions, including activity connected to the pending Dream Finders Homes–Beazer Homes transaction, and repay debt.
• Rising rates and Treasury yields are also weighing on real estate stocks, but the financing announcement is the clearest company-specific catalyst.