FORT WORTH, Texas, June 3 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI), the largest homebuilder in the United States, Friday
(June 3, 2005), announced that it is calling all of its 9 3/8% Senior Notes
due 2009 for full redemption on July 15, 2005 in accordance with the terms of
the indenture governing the notes. The 9 3/8% Senior Notes were originally
issued by Schuler Homes, Inc. and were assumed by D.R. Horton, Inc. in their
merger in February 2002. The 9 3/8% Senior Notes will be redeemed at a price
of $1,046.88 per $1,000 note outstanding, which will result in a redemption
price of approximately $246 million in the aggregate to be paid by D.R. Horton
on July 15, 2005. On July 15, 2005, accrued and unpaid semi-annual interest
of $46.875 per $1,000 note, approximately $11 million in the aggregate, will
be paid to holders of record as of July 1, 2005. Holders of the 9 3/8% Senior
Notes will receive by mail or electronic notice a Notice of Full Redemption
setting forth the redemption procedures.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040722/DHILOGO )
This press release shall not constitute an offer to sell or a solicitation
of an offer to buy the Senior Notes, nor shall there be any sale of these
Senior Notes in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful.
D.R. Horton, Inc., America's Builder, is the largest homebuilder in the
United States, delivering more than 43,000 homes in its fiscal year ended
September 30, 2004. Founded in 1978 in Fort Worth, Texas, D.R. Horton has
expanded its presence to include 67 markets in 21 states in the Midwest, Mid-
Atlantic, Southeast, Southwest and Western regions of the United States. The
Company is engaged in the construction and sale of high quality homes with
sales prices ranging from $80,000 to over $900,000. D.R. Horton also provides
mortgage financing and title services for homebuyers through its mortgage and
title subsidiaries.
Portions of this document may constitute "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995. Although
D.R. Horton believes any such statements are based on reasonable assumptions,
there is no assurance that actual outcomes will not be materially different.
All forward-looking statements are based upon information available to D.R.
Horton on the date this release was issued. D.R. Horton does not undertake
any obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Forward-
looking statements in this release relate to the Company's expectation that it
will be able to call for full redemption the 9 3/8% Senior Notes and that it
will have sufficient capital resources to do so. Factors that may cause the
actual results to be materially different from the future results expressed by
the forward-looking statements include, but are not limited to: changes in
general economic, real estate and business conditions; changes in interest
rates and the availability of mortgage financing; warranty and product
liability claims; the Company's substantial debt; governmental regulations and
environmental matters; competitive conditions within the industry; the
availability of capital to the Company on favorable terms; the Company's
ability to integrate acquisitions and successfully effect the cost savings,
operating efficiencies and revenue enhancements that are believed available
and otherwise to successfully effect its other growth strategies. Additional
information about issues that could lead to material changes in performance is
contained in D.R. Horton's annual report on Form 10-K and most recent
quarterly reports on Form 10-Q, which are filed with the Securities and
Exchange Commission.
http://www.DRHORTON.com
SOURCE D.R. Horton, Inc.
06/03/2005
CONTACT: Stacey Dwyer, EVP of D.R. Horton, Inc., +1-817-390-8200
/Web site: http://www.drhorton.com
(DHI)
CO: D.R. Horton, Inc.; Schuler Homes, Inc.
