FORT WORTH, Texas, June 12, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- D.R. Horton, Inc.
(NYSE: DHI), America's Builder, the largest homebuilder in the United States,
Monday (June 12, 2006), announced that it is calling all of its 10 1/2% senior
subordinated notes due 2011 for full redemption on July 15, 2006 in accordance
with the terms of the indenture governing the notes. The 10 1/2% senior
subordinated notes were originally issued by Schuler Homes, Inc. and were
assumed by D.R. Horton, Inc. in their merger in February 2002. The 10 1/2%
senior subordinated notes will be redeemed at a price of $1,052.50 per $1,000
note outstanding, which will result in a redemption price of approximately
$152.4 million in the aggregate to be paid by D.R. Horton, Inc. on July 15,
2006. On July 15, 2006, accrued and unpaid semi-annual interest of $52.50 per
$1,000 note, approximately $7.6 million in the aggregate, will be paid to
holders of record as of July 1, 2006. Holders of the 10 1/2% senior
subordinated notes will receive by mail or electronic notice a Notice of Full
Redemption setting forth the redemption procedures.
D.R. Horton, Inc., America's Builder, is the largest homebuilder in the
United States, delivering more than 51,000 homes in its fiscal year ended
September 30, 2005. Founded in 1978 in Fort Worth, Texas, D.R. Horton has
expanded its presence to include 82 markets in 27 states in the Mid-Atlantic,
Midwest, 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 $90,000 to over $900,000. D.R. Horton also provides
mortgage financing and title services for homebuyers through its mortgage and
title subsidiaries.
http://www.DRHORTON.com
SOURCE:
D.R. Horton, Inc.
Stacey Dwyer, EVP of D.R. Horton, Inc., +1-817-390-8200
