Forestar Group issues $500M 6.5% senior notes due 2033, completes tender offer for 2026 notes

Forestar Group Inc.

Issued $500M aggregate principal of 6.500% Senior Notes due 2033; priced at par, interest payable semi-annually from Sep 15, 2025.
Notes are senior unsecured, guaranteed by restricted subsidiaries; proceeds partly used to fund tender offer for 3.850% 2026 notes.
Tender offer completed: $329.434M (82.36%) of 2026 notes validly tendered and accepted for payment on March 14, 2025.
Redemption: up to 40% of notes can be redeemed at 106.5% with equity proceeds before Mar 15, 2028; make-whole premium thereafter.
Indenture includes change-of-control put at 101%, liens and merger covenants, and standard events of default.

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