Millrose Properties launches $1.0B senior notes offering in two tranches due 2029 and 2031

Millrose Properties, Inc.

Offering: $500M notes due 2029 and $500M notes due 2031, private placement under Rule 144A/Reg S.
Proceeds used with $500M delayed-draw term loan for general corporate purposes, incl. Dream Finders/Beazer homesite acquisitions.
Will repay $850M outstanding under revolving credit facility as of Sept 21, 2026.
Special mandatory redemption of $500M 2031 notes if Dream Finders transaction not consummated by May 13, 2027.
Notes unregistered; no offer/sale in U.S. without exemption.

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