Millrose Properties plans $1.0 billion senior notes offering
Proceeds, plus $500 million from its delayed draw term loan, are earmarked for homesite purchases and to repay revolver debt
Published
Millrose Properties plans to offer $1.0 billion in senior notes, split evenly between notes due 2029 and notes due 2031, subject to market conditions.
The company intends to use the proceeds, together with $500 million drawn under its delayed draw term loan facility, for general corporate purposes. That includes the potential acquisition of homesites from the combined Dream Finders Homes and Beazer Homes entity, and repayment of borrowings under its revolving credit facility, which had $850 million outstanding as of September 21, 2026.
If the Dream Finders-Beazer merger has not closed by May 13, 2027, Millrose will use part of the proceeds to conduct a special mandatory redemption of $500 million of the 2031 notes.
The move amounts to a refinancing rather than an increase in net borrowing, since the new proceeds replace the $850 million drawn on the revolver and fund the delayed draw term loan. The redemption clause tied to the merger deadline limits the downside if that deal does not close, leaving the credit profile largely unchanged.