Millrose announces $1.0B senior notes offering to refinance existing debt

Millrose Properties, Inc.

Plans $1.0B senior notes due 2030 in private placement; net proceeds to repay $500M term loan due 2026 and $450M revolver.
DDTL credit agreement amended to partially exempt a Designated Issuance from mandatory prepayment, keeping up to $500M outstanding.
Funding fee added: 0.250% of principal on date 270 days after initial draw (June 24, 2025).
Subsidiary Millrose Properties SPE joined as guarantor on revolving credit and DDTL agreements.

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