Key Developments: D.R. Horton Inc (DHI.N)
Latest Key Developments (Source: Significant Developments)
DR Horton Inc announced that it intends to offer and sell approximately $350 million in aggregate principal amount of senior unsecured notes due 2022 in an offering registered under the Company’s currently effective shelf registration statement. The Company intends to use the net proceeds of the offering for general corporate purposes. RBS Securities Inc. is acting as the Sole Book-Running Manager for the senior notes offering. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Securities LLC and Wells Fargo Securities, LLC are acting as Co-Managers in the transaction. Full Article
DR Horton Inc announced the acquisition of the homebuilding operations of Breland Homes (Breland), which operates in Huntsville, Mobile and Baldwin County in Alabama and along the gulf coast of Mississippi. The homebuilding operating assets included approximately 320 homes in inventory and 1,020 finished lots. D.R. Horton will also control an additional 3,700 lots through option contracts. In calendar 2011, Breland closed 684 homes ($130 million in revenue), and was ranked as the 38th largest builder in the United States by Builder Magazine. Breland`s average home size is approximately 2,200 square feet with an average sales price of $200,000. Full Article
DR Horton Inc announced that for fourth quarter of 2012, it expects net income to be approximately $85 million. According to I/B/E/S Estimates, analysts are expecting the Company to report net income of $79 million for fourth quarter of 2012. Full Article
- A resurgent U.S. housing market has created an unforeseen land shortage that could take the shine off an otherwise promising year for homebuilders.