ARLINGTON, Texas, May 27 /PRNewswire-FirstCall/ -- D.R. Horton, Inc.
(NYSE: DHI) Tuesday (May 27, 2003), announced that it is calling all of its
Zero Coupon Convertible Senior Notes due 2021 for redemption on the redemption
date of June 26, 2003. Under the terms of the indenture governing the notes,
the Company may redeem the notes for cash by paying the note holders a
redemption price equal to the notes' accreted value plus any accrued and
unpaid contingent interest. On the redemption date, the redemption price for
the notes will be approximately $561.9557 per $1,000 principal amount at
maturity.
The notes are also convertible into D.R. Horton's common stock until 5
p.m. New York City time on June 25, 2003. The conversion rate of the notes is
26.2391 shares of D.R. Horton common stock per $1,000 principal amount at
maturity of the notes. The aggregate principal amount of the notes at
maturity is $381,113,000. If none of the notes are converted, the aggregate
cash redemption price for all of the outstanding notes would be approximately
$214,168,630.
A Notice of Redemption will be sent to each record holder today and may be
obtained by each beneficial holder and by each "street name" holder by
contacting the American Stock Transfer & Trust Company, the trustee, paying
agent and conversion agent, at (800) 937-5449. The Notice of Redemption
includes information on the terms, conditions and procedures for holders to
deliver the notes and collect the redemption price or to convert the notes.
The Notice of Redemption is also available by contacting the D.R. Horton
Investor Relations department at (817) 856-8200 ext. 1562.
This press release shall not constitute an offer to buy or sell or a
solicitation of an offer to buy or sell the notes or any other securities.
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.
www.DRHORTON.com
SOURCE D.R. Horton, Inc.
