D.R. Horton issues $700M in 5.500% Senior Notes due 2035

HORTON D R INC /DE/

$700M aggregate principal, net proceeds $695.2M after underwriting discount.
Interest accrues at 5.500% per annum, payable semi-annually each April 15 and October 15.
Notes mature October 15, 2035; optional redemption prior to July 15, 2035 at Treasury plus 15bps.
Notes are unsecured senior obligations guaranteed by substantially all homebuilding subsidiaries.
Change of control trigger at 101% of principal plus accrued interest if ratings downgrade occurs.

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