Millrose sells $1.0B senior notes: $500M at 6.500% due 2029, $500M at 6.750% due 2031

Millrose Properties, Inc.

Offering closed October 6, 2026: $500M of 6.500% senior notes due October 15, 2029 and $500M of 6.750% notes due October 15, 2031.
Interest accrues from October 6, 2026 and is payable in arrears April 15 and October 15, beginning April 15, 2027.
2031 notes face special mandatory redemption at 100% plus accrued interest if the Dream Finders–Beazer merger is not completed by the May 13, 2027 outside date.
Notes are guaranteed on a senior unsecured basis by Millrose Properties SPE LLC and MPSAB, LLC, and rank pari passu with the existing 6.375% 2030 and 6.250% 2032 senior notes.
Citibank, N.A. is trustee; notes are callable at make-whole before October 15, 2027 (2029 notes) or October 15, 2028 (2031 notes), and change-of-control triggers repurchase at 101%.

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