Millrose Properties, Inc. announced the pricing of a $1.0 billion private offering of senior notes. The offering consists of two separate tranches and is expected to close on October 6, 2026, subject to customary closing conditions.
Key Details
- Offering Structure: The offering includes $500 million of 6.500% senior notes due 2029 and $500 million of 6.750% senior notes due 2031.
- Use of Proceeds: Net proceeds, combined with a $500 million term loan draw, are intended for general corporate purposes. This may include acquiring homesites related to the Dream Finders/Beazer Homes merger and repaying $850 million outstanding on its revolving credit facility.
- Contingency: The 2031 notes include a special mandatory redemption clause if the aforementioned Dream Finders Transaction is not consummated by May 13, 2027.