Millrose Properties Plans $1 Bln Senior Notes Offering In Two Tranches

(RTTNews) - Millrose Properties Inc. (MRP), a real estate company, on Tuesday announced plans to offer up to $1 billion in aggregate principal amount of senior notes in two tranches.

The offering includes $500 million of senior notes due 2029 and $500 million of senior notes due 2031.

The company plans to use the net proceeds, together with $500 million drawn under its delayed draw term loan facility, for general corporate purposes.

The company said that the proceeds may be used to acquire homesites from the combined Dream Finders Homes and Beazer Homes entity and repay borrowings under its revolving credit facility.

The company had $850 million outstanding under its revolving credit facility as of September 21.

If the Dream Finders transaction is not completed by May 13, 2027, the company plans to use a portion of the proceeds, along with cash on hand and/or revolving credit borrowings, to redeem $500 million of the 2031 notes.

In the pre-market trading, Millrose Properties is 0.03% lesser at $28.67 on the New York Stock Exchange.