8-KFinancial EventsExhibits & Filings

HORTON D R INC /DE/ 8-K Report, Triggering Event (Jun 3, 2005)

Filed June 3, 2005For Securities:DHI

Summary

D. R. Horton, Inc. (DHI) filed an 8-K report on June 3, 2005, to announce a significant financial action: the redemption of its 9 3/8% Senior Notes due 2009. These notes, originally issued by Schuler Homes, Inc. and assumed by DHI through a merger, are being called for full redemption on July 15, 2005. The company is exercising its right to retire this debt ahead of its maturity date. This redemption represents a substantial financial commitment, with DHI expecting to pay approximately $246 million for the principal amount of the notes, plus an additional $11 million in accrued interest. Investors holding these specific notes will receive notice of the redemption procedures and are due to be paid on the specified redemption date. This action indicates a proactive approach by D. R. Horton to manage its debt obligations.

Key Highlights

  • 1D. R. Horton, Inc. (DHI) is calling its 9 3/8% Senior Notes due 2009 for full redemption.
  • 2The redemption date is scheduled for July 15, 2005.
  • 3The notes were originally issued by Schuler Homes, Inc. and assumed by DHI in February 2002.
  • 4The aggregate redemption price for the principal is approximately $246 million.
  • 5An additional $11 million in accrued interest will be paid to noteholders.
  • 6Interest will be paid to holders of record as of July 1, 2005.
  • 7A press release announcing the redemption is included as an exhibit.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally notify the SEC and the public that D. R. Horton, Inc. is calling for the full redemption of its 9 3/8% Senior Notes due 2009.

D. R. Horton expects to pay approximately $246 million for the principal redemption of the notes, plus an estimated $11 million in accrued interest, bringing the total estimated payout to around $257 million.

D. R. Horton, Inc. is responsible for paying the redemption amount. The filing indicates they have provided notice to U.S. Bank Trust National Association, the Trustee, for this purpose.

Holders of the 9 3/8% Senior Notes due 2009 will receive a formal Notice of Full Redemption by mail or electronic notice from the Company, which will set forth the specific redemption procedures they need to follow. They will receive their principal and accrued interest on July 15, 2005.