ARLINGTON, Texas, June 25 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Wednesday (June 25, 2003), announced that it is calling its 9%
Senior Notes due April 15, 2008 for full redemption on July 25, 2003. The
notes were originally issued by Schuler Homes, Inc. and were assumed by D.R.
Horton, Inc. in their merger. The 9% Senior Notes will be redeemed at a
redemption price of $1,070 per $1,000 face amount, which includes principal,
premium and accrued interest to July 25, 2003. The aggregate redemption price
is approximately $107 million and will be paid using proceeds from D.R.
Horton's recently completed offering of its 5.875% Senior Notes due 2013 and
borrowings under its revolving credit facility. Holders of the 9% Senior
Notes will receive by mail a Notice of Full Redemption setting forth the
redemption procedures.
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.
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, Melody,
Milburn, Schuler, SGS Communities, Stafford, Torrey, Trimark, and Western
Pacific names in 20 states and 44 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.
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. 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;
governmental regulations and environmental matters; the Company's substantial
leverage; competitive conditions within the industry; the availability of
capital to the Company on favorable terms; the Company's ability to integrate
its 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 the most recent Form
10-Q, both of which were filed with the Securities and Exchange Commission.
www.DRHORTON.com
SOURCE D.R. Horton, Inc.
