Millrose Properties priced a $1.0 billion senior notes offering split evenly between two tranches: $500 million of 6.500% notes due 2029 and $500 million of 6.750% notes due 2031. Both tranches were priced at 100.000% of principal.
The company said it expects to close the offering on October 6, 2026. It also plans to pair the notes with $500 million drawn from its delayed draw term loan facility, giving it $1.5 billion of financing capacity tied to this transaction.
Millrose said the proceeds will go toward general corporate purposes, including possible acquisition of homesites from the combined Dream Finders Homes and Beazer Homes entity. It also plans to use the money to repay borrowings on its revolving credit facility, which carried $850 million outstanding as of September 21, 2026.
If the Dream Finders transaction is not completed by May 13, 2027, Millrose said it will use part of the proceeds, along with cash on hand and/or additional revolving credit borrowings, to redeem all of the 2031 notes then outstanding. Today the company's shares have moved -1.93% to a price of $28.1745. For more information, read the company's full 8-K submission here.
