{"success":true,"data":{"pressRelease":{"id":"150312","rtpr_id":"nBw6sChKga-20260922","ticker":"MRP","exchange":"NYSE","all_tickers":["MRP"],"title":"Millrose Properties, Inc. Announces Pricing of $1.0 Billion Senior Notes Offering","author":"Business Wire","published_at":"2026-09-22T22:54:00.083Z","article_body":"Millrose Properties, Inc. Announces Pricing of $1.0 Billion Senior Notes\nOffering\n\nMillrose Properties, Inc. (NYSE: MRP) (“Millrose” or the “Company”)\nannounced today the pricing of its private offering (the “Offering”) of\n$1.0 billion in aggregate principal amount of senior notes in two separate\ntranches, one representing $500.0 million in aggregate principal amount of\n6.500% senior notes due 2029 (the “2029 Notes”) and the other representing\n$500.0 million in aggregate principal amount of 6.750% senior notes due 2031\n(the “2031 Notes” and, together with the 2029 Notes, the “Notes”), at\nan initial offering price of 100.000% in the case of the 2029 Notes, and\n100.000% in the case of the 2031 Notes, in each case, of the principal amount\nof such Notes plus accrued interest, if any, from October 6, 2026. The\nOffering is expected to close on October 6, 2026, subject to customary closing\nconditions.\n\nMillrose intends to use the net proceeds of the Offering, together with $500\nmillion drawn under the Company’s delayed draw term loan facility, for\ngeneral corporate purposes, which may include the acquisition of homesites\nfrom the combined Dream Finders Homes, Inc. and Beazer Homes, Inc. entity\n(such previously announced merger, the “Dream Finders Transaction”), and\nto repay borrowings outstanding under the Company’s revolving credit\nfacility (the “Revolving Credit Facility”), which had $850 million\nprincipal amount outstanding as of September 21, 2026. If the Dream Finders\nTransaction is not consummated on or prior to May 13, 2027, the Company will\nuse a portion of the net proceeds from the Offering, together with cash on\nhand and/or borrowings under the Revolving Credit Facility, to effect a\nspecial mandatory redemption of all of the 2031 Notes then outstanding.\n\nThe Notes and the related guarantees will be offered and sold only to persons\nreasonably believed to be qualified institutional buyers in reliance on Rule\n144A under the Securities Act of 1933, as amended, (the “Securities Act”)\nand to certain non-U.S. persons in transactions outside the United States in\nreliance on Regulation S under the Securities Act. The Notes and the related\nguarantees have not been and will not be registered under the Securities Act\nor the securities laws of any state or other jurisdiction, and the Notes may\nnot be offered or sold in the United States without registration or an\napplicable exemption from the registration requirements of the Securities Act\nand applicable state securities or blue sky laws and foreign securities laws.\n\nThis press release shall not constitute an offer to sell, or the solicitation\nof an offer to buy, any securities, nor shall there be any sales of securities\nin any jurisdiction in which such offer, solicitation or sale would be\nunlawful prior to registration or qualification under the securities laws of\nany such jurisdiction. This notice is being issued pursuant to and in\naccordance with Rule 135c under the Securities Act.\n\nAbout Millrose Properties, Inc.\n\nMillrose (NYSE: MRP) is the premier homesite option platform for residential\nhomebuilders, specializing in the acquisition and horizontal development of\nland to provide a predictable, just-in-time supply of finished homesites –\nthe most scarce and mission-critical resource in homebuilding. Unlike\ntraditional land bankers, Millrose uses a proprietary technology platform with\nreal-time data analytics to drive acquisition decisions, with every\ntransaction subject to rigorous independent due diligence. By enabling an\nasset-light model, Millrose gives its diverse roster of homebuilder partners\nthe strategic flexibility to maintain production volumes and optimize balance\nsheet efficiency across all market environments.\n\nForward-looking Statements\n\nCertain statements contained in this press release and oral statements made\nregarding the matters addressed in this release constitute “forward-looking\nstatements” within the meaning of Section 27A of the Securities Act and\nSection 21E of the Securities Exchange Act of 1934, as amended, including,\nwithout limitation, statements about the Offering, the expected use of\nproceeds therefrom and other future events. All forward-looking statements\nincluded in this release are qualified in their entirety by, and should be\nread in the context of, the risk factors and other factors disclosed in the\nCompany’s filings with the Securities and Exchange Commission, which can be\nobtained free of charge on the Securities and Exchange Commission’s web site\nat http://www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54609261&newsitemid=20260922915849&lan=en-US&anchor=http%3A%2F%2Fwww.sec.gov&index=1&md5=d7dc32177abe47f27dd75cbf53b94394)\n. Except to the extent required by applicable law, Millrose undertakes no\nobligation to update or revise any information contained in this communication\nbeyond the date hereof, whether as a result of new information, future events\nor otherwise.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260922915849/en/\n(https://www.businesswire.com/news/home/20260922915849/en/)\n\nMedia\n\n\n\nStephen Pettibone / Louise Fitzgerald\n\nFGS Global\n\nMillroseProperties@fgsglobal.com (mailto:MillroseProperties@fgsglobal.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw6sChKga-20260922","title":"Millrose Properties, Inc. Announces Pricing of $1.0 Billion Senior Notes Offering","author":"Business Wire","ticker":"MRP","created":"2026-09-22T22:54:00.083Z","tickers":["MRP"],"exchange":"NYSE","article_body":"Millrose Properties, Inc. Announces Pricing of $1.0 Billion Senior Notes\nOffering\n\nMillrose Properties, Inc. (NYSE: MRP) (“Millrose” or the “Company”)\nannounced today the pricing of its private offering (the “Offering”) of\n$1.0 billion in aggregate principal amount of senior notes in two separate\ntranches, one representing $500.0 million in aggregate principal amount of\n6.500% senior notes due 2029 (the “2029 Notes”) and the other representing\n$500.0 million in aggregate principal amount of 6.750% senior notes due 2031\n(the “2031 Notes” and, together with the 2029 Notes, the “Notes”), at\nan initial offering price of 100.000% in the case of the 2029 Notes, and\n100.000% in the case of the 2031 Notes, in each case, of the principal amount\nof such Notes plus accrued interest, if any, from October 6, 2026. The\nOffering is expected to close on October 6, 2026, subject to customary closing\nconditions.\n\nMillrose intends to use the net proceeds of the Offering, together with $500\nmillion drawn under the Company’s delayed draw term loan facility, for\ngeneral corporate purposes, which may include the acquisition of homesites\nfrom the combined Dream Finders Homes, Inc. and Beazer Homes, Inc. entity\n(such previously announced merger, the “Dream Finders Transaction”), and\nto repay borrowings outstanding under the Company’s revolving credit\nfacility (the “Revolving Credit Facility”), which had $850 million\nprincipal amount outstanding as of September 21, 2026. If the Dream Finders\nTransaction is not consummated on or prior to May 13, 2027, the Company will\nuse a portion of the net proceeds from the Offering, together with cash on\nhand and/or borrowings under the Revolving Credit Facility, to effect a\nspecial mandatory redemption of all of the 2031 Notes then outstanding.\n\nThe Notes and the related guarantees will be offered and sold only to persons\nreasonably believed to be qualified institutional buyers in reliance on Rule\n144A under the Securities Act of 1933, as amended, (the “Securities Act”)\nand to certain non-U.S. persons in transactions outside the United States in\nreliance on Regulation S under the Securities Act. The Notes and the related\nguarantees have not been and will not be registered under the Securities Act\nor the securities laws of any state or other jurisdiction, and the Notes may\nnot be offered or sold in the United States without registration or an\napplicable exemption from the registration requirements of the Securities Act\nand applicable state securities or blue sky laws and foreign securities laws.\n\nThis press release shall not constitute an offer to sell, or the solicitation\nof an offer to buy, any securities, nor shall there be any sales of securities\nin any jurisdiction in which such offer, solicitation or sale would be\nunlawful prior to registration or qualification under the securities laws of\nany such jurisdiction. This notice is being issued pursuant to and in\naccordance with Rule 135c under the Securities Act.\n\nAbout Millrose Properties, Inc.\n\nMillrose (NYSE: MRP) is the premier homesite option platform for residential\nhomebuilders, specializing in the acquisition and horizontal development of\nland to provide a predictable, just-in-time supply of finished homesites –\nthe most scarce and mission-critical resource in homebuilding. Unlike\ntraditional land bankers, Millrose uses a proprietary technology platform with\nreal-time data analytics to drive acquisition decisions, with every\ntransaction subject to rigorous independent due diligence. By enabling an\nasset-light model, Millrose gives its diverse roster of homebuilder partners\nthe strategic flexibility to maintain production volumes and optimize balance\nsheet efficiency across all market environments.\n\nForward-looking Statements\n\nCertain statements contained in this press release and oral statements made\nregarding the matters addressed in this release constitute “forward-looking\nstatements” within the meaning of Section 27A of the Securities Act and\nSection 21E of the Securities Exchange Act of 1934, as amended, including,\nwithout limitation, statements about the Offering, the expected use of\nproceeds therefrom and other future events. All forward-looking statements\nincluded in this release are qualified in their entirety by, and should be\nread in the context of, the risk factors and other factors disclosed in the\nCompany’s filings with the Securities and Exchange Commission, which can be\nobtained free of charge on the Securities and Exchange Commission’s web site\nat http://www.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54609261&newsitemid=20260922915849&lan=en-US&anchor=http%3A%2F%2Fwww.sec.gov&index=1&md5=d7dc32177abe47f27dd75cbf53b94394)\n. Except to the extent required by applicable law, Millrose undertakes no\nobligation to update or revise any information contained in this communication\nbeyond the date hereof, whether as a result of new information, future events\nor otherwise.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260922915849/en/\n(https://www.businesswire.com/news/home/20260922915849/en/)\n\nMedia\n\n\n\nStephen Pettibone / Louise Fitzgerald\n\nFGS Global\n\nMillroseProperties@fgsglobal.com (mailto:MillroseProperties@fgsglobal.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-22T22:54:00.129120162Z","server_sent_at_ms":1790117640129},"received_at":"2026-09-22T22:54:00.183Z","source_url":"https://www.businesswire.com/news/home/20260922915849/en/"},"analysis":{"id":"139114","press_release_id":"150312","analysis_json":{"industry":{"label":"Real Estate Management & Development","sector":"Real Estate"},"redFlags":["6.50%-6.75% coupon debt is expensive relative to investment-grade norms","2031 Notes special mandatory redemption contingency if Dream Finders/Beazer merger fails to close by May 13, 2027"],"eventType":"debt_offering","narrative":"Millrose Properties priced a $1.0 billion private offering of senior notes in two tranches: $500.0 million of 6.500% notes due 2029 and $500.0 million of 6.750% notes due 2031, both at 100.000% of par.\n\nProceeds, together with a $500 million delayed draw term loan, are earmarked for general corporate purposes, including homesite acquisitions from the combined Dream Finders Homes and Beazer Homes entity and repayment of the $850 million revolver balance outstanding as of September 21, 2026.\n\nIf the Dream Finders Transaction does not close by May 13, 2027, the 2031 Notes are subject to a special mandatory redemption. The offering is expected to close on October 6, 2026.","sentiment":"neutral","agentHooks":{"shouldPost":true,"suggestedAngle":"Millrose locks in $1B of par-priced financing at ~6.5-6.75% to fund homesite acquisitions tied to the Dream Finders/Beazer merger, with a built-in redemption if the deal falls through."},"keyFigures":{"dealValueUsd":1000000000,"customDimensions":{"tranche_2029":"$500.0 million 6.500% senior notes due 2029","tranche_2031":"$500.0 million 6.750% senior notes due 2031","offering_price":"100.000% of principal","revolver_outstanding":"$850 million as of September 21, 2026","delayed_draw_term_loan":"$500 million","special_mandatory_redemption":"2031 Notes redeemed if Dream Finders Transaction not consummated by May 13, 2027"}},"namedEntities":{"people":[],"products":["2029 Notes","2031 Notes"],"companies":[{"name":"Millrose Properties, Inc.","ticker":"MRP","relationship":"issuer"},{"name":"Dream Finders Homes, Inc.","relationship":"merger counterparty / acquisition target counterpart"},{"name":"Beazer Homes, Inc.","relationship":"merger counterparty"},{"name":"FGS Global","relationship":"media relations"}],"dollarAmounts":[{"amount":"$1.0 billion","context":"aggregate principal amount of senior notes offering"},{"amount":"$500.0 million","context":"2029 Notes tranche"},{"amount":"$500.0 million","context":"2031 Notes tranche"},{"amount":"$850 million","context":"outstanding borrowings under revolving credit facility to be repaid"},{"amount":"$500 million","context":"delayed draw term loan facility draw"}]},"materialImpact":{"score":3,"reasoning":"A $1.0 billion senior notes offering at par across two tranches is a significant financing that supports homesite acquisitions tied to the Dream Finders/Beazer merger and repays an $850 million revolver balance, but it is a routine, priced-at-par debt raise rather than a market-moving event."},"tickerRelevance":{"others":[],"primary":"MRP"},"globalImportance":35,"audienceRelevance":30,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"$1B debt offering at par, routine financing","sectorWeight":"residential land/homesite platform","dealSizeRelevance":"large relative to filer, supports pending M&A transaction"}},"event_type":"debt_offering","event_type_secondary":null,"sentiment":"neutral","material_impact_score":3,"narrative":"Millrose Properties priced a $1.0 billion private offering of senior notes in two tranches: $500.0 million of 6.500% notes due 2029 and $500.0 million of 6.750% notes due 2031, both at 100.000% of par.\n\nProceeds, together with a $500 million delayed draw term loan, are earmarked for general corporate purposes, including homesite acquisitions from the combined Dream Finders Homes and Beazer Homes entity and repayment of the $850 million revolver balance outstanding as of September 21, 2026.\n\nIf the Dream Finders Transaction does not close by May 13, 2027, the 2031 Notes are subject to a special mandatory redemption. The offering is expected to close on October 6, 2026.","key_figures":{"dealValueUsd":1000000000,"customDimensions":{"tranche_2029":"$500.0 million 6.500% senior notes due 2029","tranche_2031":"$500.0 million 6.750% senior notes due 2031","offering_price":"100.000% of principal","revolver_outstanding":"$850 million as of September 21, 2026","delayed_draw_term_loan":"$500 million","special_mandatory_redemption":"2031 Notes redeemed if Dream Finders Transaction not consummated by May 13, 2027"}},"named_entities":{"people":[],"products":["2029 Notes","2031 Notes"],"companies":[{"name":"Millrose Properties, Inc.","ticker":"MRP","relationship":"issuer"},{"name":"Dream Finders Homes, Inc.","relationship":"merger counterparty / acquisition target counterpart"},{"name":"Beazer Homes, Inc.","relationship":"merger counterparty"},{"name":"FGS Global","relationship":"media relations"}],"dollarAmounts":[{"amount":"$1.0 billion","context":"aggregate principal amount of senior notes offering"},{"amount":"$500.0 million","context":"2029 Notes tranche"},{"amount":"$500.0 million","context":"2031 Notes tranche"},{"amount":"$850 million","context":"outstanding borrowings under revolving credit facility to be repaid"},{"amount":"$500 million","context":"delayed draw term loan facility draw"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-22T22:54:06.574Z","global_importance":35,"audience_relevance":30,"importance_components":{"tickerTier":"mid-cap","eventGravity":"$1B debt offering at par, routine financing","sectorWeight":"residential land/homesite platform","dealSizeRelevance":"large relative to filer, supports pending M&A transaction"}},"durationMs":6380,"modelName":"glm-5.3-flashx"}}