HORTON D R INC /DE/ (DHI): debt financing — D.R. Horton subsidiary DHI Mortgage enters $300M repurchase facility with RBC

HORTON D R INC /DE/

DHI Mortgage (D.R. Horton unit) signed $300M repurchase facility with Royal Bank of Canada.
Facility is uncommitted; RBC has no obligation to fund purchases of eligible residential mortgage loans.
Interest rate based on SOFR plus pricing spread agreed per transaction.
Financial covenants require minimum tangible net worth, liquidity, and max debt-to-net-worth ratio.
Obligations are not guaranteed by D.R. Horton or its homebuilding/rental subsidiaries.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

HORTON D R INC /DE/ incurred credit facility of up to $300 million with Royal Bank of Canada at SOFR plus a pricing spread.

Instrument: credit facility
Principal: up to $300 million
Counterparty: Royal Bank of Canada
Rate: SOFR plus a pricing spread
Event: incurrence

Exact text from the filing

The Repurchase Facility provides DHI Mortgage with uncommitted borrowing capacity of up to $300 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HORTON D R INC /DE/ entered into Master Repurchase Agreement with Royal Bank of Canada valued at up to $300 million (effective 2023-04-04).

Action: entry
Agreement: credit facility
Counterparty: Royal Bank of Canada
Value: up to $300 million
Effective: 2023-04-04

Exact text from the filing

Effective April 4, 2023, DHI Mortgage Company, Ltd., a Texas limited partnership (“DHI Mortgage”), and a wholly-owned subsidiary of D.R. Horton, Inc., a Delaware corporation, and Royal Bank of Canada ( “RBC” ) entered into a Master Repurchase Agreement (the “Repurchase Agreement”) pursuant to which DHI Mortgage may from time to time sell to RBC, and later repurchase, eligible residential mortgage loans (the "Repurchase Facility")

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53 debt financings filed in the last 30 days. Browse all debt financings →

HORTON D R INC /DE/ filing history →

Source: SEC EDGAR

accession 0000882184-23-000075

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