Financing ·
Millrose Properties plans to offer up to $1 billion in senior notes due 2029 and 2031
MRPMillrose Properties, Inc.
Millrose Properties announced on September 22, 2026, plans to offer up to $1 billion in aggregate principal amount of senior notes in two tranches: $500 million due 2029 and $500 million due 2031. The offering is subject to market conditions and will be sold to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S. Net proceeds, combined with $500 million from a delayed draw term loan facility, are intended for general corporate purposes, including potential acquisition of homesites from the merged Dream Finders Homes and Beazer Homes entity and repayment of $850 million outstanding on the revolving credit facility as of September 21, 2026. If the merger is not consummated by May 13, 2027, proceeds will fund a special mandatory redemption of $500 million of the 2031 Notes. Millrose Properties operates in the real estate development industry, specializing in the acquisition and horizontal development of residential homesites for homebuilders.