Financing ·
Millrose Prices $1B Senior Notes Due 2029 and 2031 to Fund Acquisitions and Debt Repayment
MRPMillrose Properties, Inc.
Millrose Properties announced the pricing of a $1 billion private offering of senior notes in two tranches: $500 million of 6.500% notes due 2029 and $500 million of 6.750% notes due 2031, both issued at par plus accrued interest from October 6, 2026. The company intends to use net proceeds alongside $500 million drawn under a delayed draw term loan for general corporate purposes, including potential acquisition of homesites from the combined Dream Finders Homes and Beazer Homes entity and repayment of $850 million outstanding on its revolving credit facility. If the merger is not consummated by May 13, 2027, Millrose will redeem all 2031 notes using proceeds, cash on hand, or revolver borrowings. The offering closed on October 6, 2026. Millrose Properties operates in the real estate development industry, specializing in the acquisition and horizontal development of residential homesites for homebuilders.