Millrose Prices $1B Senior Notes at 6.5% and 6.75% to Fund Dream Finders Deal
MRP is trading near its 52-week low of $26.3 (9.2% above the low).
Summary
Millrose priced its $1.0 billion senior notes offering in two $500 million tranches: 6.500% notes due 2029 and 6.750% notes due 2031, both at par. The deal is expected to close October 6, 2026. Proceeds, combined with a $500 million draw on its delayed draw term loan, will fund general corporate purposes including homesite acquisitions from the Dream Finders-Beazer merger and repay $850 million outstanding on its revolving credit facility. If the Dream Finders transaction fails to close by May 13, 2027, the 2031 notes face a special mandatory redemption. This follows the earlier announcement of the offering this morning and the recent $50 million revolver expansion.
At the time of this announcement, MRP was trading at $28.73 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $4.4B. The 52-week trading range was $26.30 to $35.10. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: BusinessWire.