ARLINGTON, Texas, April 1 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Monday (April 1, 2002), announced the results of the change of
control offer for three series of senior and senior subordinated notes
previously issued by Schuler Homes, Inc. D.R. Horton acquired Schuler Homes
on February 21, 2002, through a merger transaction and, as required under the
Schuler Homes indentures, D.R. Horton offered to purchase the Schuler Homes
notes at 101% of their aggregate principal amount. The results of the offer
to purchase the notes are as follows:
-- 9% senior notes due 2008, $100,000,000 outstanding (BNY Western
Trust Company, as trustee). No holders chose to tender these notes
for purchase.
-- 9 3/8% senior notes due 2009, $250,000,000 outstanding (U.S. Bank,
N.A., as trustee). $15,000,000 of these notes were tendered for
purchase.
-- 10 1/2% senior subordinated notes due 2011, $150,000,000 outstanding
(U.S. Bank, N.A., as trustee). $5,225,000 of these notes were
tendered for purchase.
Founded in 1978, D.R. Horton, Inc. is engaged in the construction and sale
of high quality homes designed principally for the entry-level and first time
move-up markets. D.R. Horton currently builds and sells homes under the D.R.
Horton, Arappco, Cambridge, Continental, Dietz-Crane, Dobson, Emerald, Mareli,
Melody, Milburn, Regency, Schuler, SGS Communities, Stafford, Torrey, Trimark,
and Western Pacific names in 21 states and 42 markets, with a geographic
presence in the Midwest, Mid-Atlantic, Southeast, Southwest and Western
regions of the United States. The Company also provides mortgage financing
and title services for homebuyers through its mortgage and title subsidiaries.
WEBSITE ADDRESS: www.DRHORTON.com
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SOURCE D.R. Horton, Inc.
Web site: http: //www.drhorton.com
Company News On-Call: http: //www.prnewswire.com/comp/118697.html
CONTACT: Sam Fuller, CFO, or Stacey H. Dwyer, EVP, both of D.R. Horton, Inc., +1-817-856-8200
