Millrose Properties, Inc. (NYSE: MRP) announced on September 22, 2026, that it plans to offer up to $1.0 billion in aggregate principal amount of senior notes. The offering consists of two separate tranches, each with a principal amount of $500.0 million. One tranche is due in 2029, and the other is due in 2031. The issuance is subject to market conditions.
The company intends to use the net proceeds from the sale of the notes, along with $500 million drawn under a delayed draw term loan facility, for general corporate purposes. These purposes may include the acquisition of homesites from the combined Dream Finders Homes, Inc. and Beazer Homes, Inc. entity following the previously announced merger, known as the Dream Finders Transaction. Additionally, the company plans to use proceeds to repay borrowings outstanding under its revolving credit facility, which had a principal amount of $850 million as of September 21, 2026.
The notes and related guarantees will be offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and to certain non-U.S. persons in transactions outside the United States pursuant to Regulation S. The offering is exempt from the registration requirements of the Securities Act.
Millrose has stated that if the Dream Finders Transaction is not consummated on or prior to May 13, 2027, the company will use a portion of the net proceeds, together with cash on hand and/or borrowings under the Revolving Credit Facility, to effect a special mandatory redemption of $500 million of the 2031 Notes.
