FORT WORTH, Texas--(BUSINESS WIRE)--May. 7, 2009--
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, announced that it has
priced a registered underwritten public offering of $450 million
aggregate principal amount of 2.0% convertible senior notes due 2014.
The Company has granted the underwriters an option to purchase up to an
additional $50 million principal amount of the notes from the Company no
later than June 10, 2009, solely to cover over-allotments, if any. The
closing of the offering is expected to occur on May 13, 2009, subject to
customary closing conditions.
The convertible senior notes will pay interest semi-annually at a rate
of 2.0% per year and will mature on May 15, 2014. Holders of the notes
may convert their notes at their option at any time prior to the close
of business on the second scheduled trading day immediately preceding
the maturity date of the notes. The initial conversion rate for the
notes is 76.5697 shares of D.R. Horton, Inc. common stock per $1,000
principal amount of notes (representing an initial conversion price of
approximately $13.06 per share of common stock), subject to adjustment
in certain events. Upon conversion, D.R. Horton, Inc. will pay or
deliver, as the case may be, cash, shares of its common stock or a
combination of cash and shares at its election, in respect of the
converted notes.
Citi acted as sole book-running manager in connection with the offering,
and J.P. Morgan, UBS Investment Bank and Wachovia Securities acted as
joint lead managers.
The Company has filed a registration statement with the SEC for the
offering to which this press release relates. Before you invest, you
should read the prospectus and when available, the prospectus supplement
in that registration statement and other documents the issuer has filed
with the SEC for more complete information about the Company and this
offering. You may obtain these documents at no charge by visiting the
SEC website at www.sec.gov
or by contacting Citi at the following address: Brooklyn Army Terminal
140 58th Street, 8th floor, Brooklyn, New York 11220, Attn: Prospectus
Department; telephone: (800) 831-9146.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these convertible senior notes, nor
shall there be any offer, solicitation or sale of these convertible
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 26,000 homes in its fiscal year
ended September 30, 2008. Founded in 1978 in Fort Worth, Texas, D.R.
Horton has operations in 77 markets in 27 states in the East, Midwest,
Southeast, South Central, Southwest and West regions of the United
States. The Company is engaged in the construction and sale of high
quality homes with sales prices ranging from $90,000 to over $900,000.
D.R. Horton also provides mortgage financing and title services for
homebuyers through its mortgage and title subsidiaries.
Source: D.R. Horton, Inc.
D.R. Horton, Inc.
Stacey Dwyer, EVP, 817-390-8200
