FWP 1 d787919dfwp.htm FWP FWP

Filed pursuant to Rule 433

Issuer Free Writing Prospectus, dated October 7, 2019

Supplementing the Preliminary Prospectus Supplement, dated October 7, 2019

Registration No. 333-226644

D.R. Horton, Inc.

$500,000,000 2.500% Senior Notes due 2024

Pricing Supplement

The information in this Pricing Supplement supplements the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement.

 

Issuer    D.R. Horton, Inc.
Title of Securities    2.500% Senior Notes due 2024
Expected Ratings*    Moody’s:  Baa3 (stable)
S&P:         BBB (stable)
Fitch:        BBB (stable)
Aggregate Principal Amount    $500,000,000
Maturity Date    October 15, 2024
Coupon    2.500%
Public Offering Price    99.939% of the principal amount
Benchmark Treasury    1.500% due September 30, 2024
Benchmark Treasury Price / Yield    100-1714 / 1.388%
Spread to Benchmark Treasury    T+112.5 basis points
Yield to Maturity    2.513%
Interest Payment Dates    April 15 and October 15 of each year, beginning on April 15, 2020
Record Dates    April 1 and October 1 of each year
Optional Redemption    Make-whole call at T+20 basis points prior to September 15, 2024; 100% of principal amount on or after September 15, 2024, in either case, plus accrued and unpaid interest on the principal amount of the notes being redeemed.


Change of Control Triggering Event    101% of principal plus accrued and unpaid interest
Underwriting Discount    0.500%
Trade Date    October 7, 2019
Settlement Date    October 10, 2019 (T+3)
CUSIP/ISIN Numbers    CUSIP: 23331A BM0         ISIN: US23331ABM09
Denominations/Multiple    $2,000 / $1,000
Joint Book-Running Managers   

J.P. Morgan Securities LLC
Mizuho Securities USA LLC
Wells Fargo Securities, LLC
Citigroup Global Markets Inc.

U.S. Bancorp Investments, Inc.

Co-Managers   

BofA Securities, Inc.

BB&T Capital Markets, a Division of BB&T Securities, LLC

PNC Capital Markets LLC

Suntrust Robinson Humphrey, Inc.

TD Securities (USA) LLC

BNP Paribas Securities Corp.

Citizens Capital Markets, Inc.

Comerica Securities, Inc.

Samuel A. Ramirez & Company, Inc.

Regions Securities LLC

WoodRock Securities, L.P.

Additional Disclosure under “Underwriting – Other Relationships”    One of the underwriters, BB&T Capital Markets, a Division of BB&T Securities, LLC, is an affiliate of the trustee for the notes, Branch Banking and Trust Company.

 

*

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time and each rating should be evaluated independently of any other rating.

The issuer has filed a registration statement (including a prospectus and a related prospectus supplement) with the United States Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement and other documents D.R. Horton, Inc. has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained by calling any of the representatives of the underwriters:

 

  J.P. Morgan Securities LLC    212-834-4533 (collect)   
  Mizuho Securities USA LLC    866-271-7403 (toll free)   
  Wells Fargo Securities, LLC    800-645-3751 (toll free)   

 

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