ATLANTA, July 26, 2016 /PRNewswire/ -- PulteGroup,
Inc. (NYSE: PHM) announced today that it has priced $1.0 billion in aggregate principal amount of
senior unsecured notes, consisting of $400
million aggregate principal amount of its existing 4.250%
senior notes due March 1, 2021, and
$600 million aggregate principal
amount of 5.000% senior notes due January
15, 2027. The new senior notes due 2021 were offered
to the public at 103.500% of the principal amount with a yield to
maturity of 3.419% and the senior notes due 2027 were offered to
the public at par with a yield to maturity of 5.000%. The offering
is expected to close on July 29,
2016, subject to customary closing conditions.
PulteGroup intends to use the net proceeds of the offering to
repay the remaining $400 million of
borrowings outstanding under its term loan facility, to repay any
borrowings outstanding under its revolving credit facility and for
general corporate purposes, which may include share repurchases,
repayment of other indebtedness and acquisition and development of
land.
J.P. Morgan Securities LLC, BofA Merrill Lynch, BB&T Capital
Markets, a division of BB&T Securities, LLC, Citigroup Global
Markets Inc., SunTrust Robinson Humphrey, Inc., and Wells Fargo
Securities, LLC, are serving as joint book-running managers of the
public offering.
The offering is being made under PulteGroup's shelf registration
statement filed with the Securities and Exchange Commission and
only by means of a prospectus supplement and accompanying
prospectus. A copy of the prospectus supplement and accompanying
prospectus relating to the offering may be obtained from J.P.
Morgan Securities LLC c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717
or by calling (866) 803-9204; or BofA Merrill Lynch, NC1-004-03-43,
200 North College Street, 3rd floor, Charlotte NC 28255-0001,
Attn: Prospectus Department, or by email at
dg.prospectus_requests@baml.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor will there be
any sale of these securities, in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America's largest
homebuilding companies with operations in approximately 50 markets
throughout the country. Through its brand portfolio that includes
Centex, Pulte Homes, Del Webb,
DiVosta Homes and John Wieland Homes
and Neighborhoods, the Company is one of the industry's most
versatile homebuilders able to meet the needs of multiple buyer
groups and respond to changing consumer demand. PulteGroup conducts
extensive research to provide homebuyers with innovative solutions
and consumer inspired homes and communities to make lives
better.
Forward-Looking Statements
This press release includes "forward-looking statements."
These statements are subject to a number of risks, uncertainties
and other factors that could cause our actual results, performance,
prospects or opportunities, as well as those of the markets we
serve or intend to serve, to differ materially from those expressed
in, or implied by, these statements. You can identify these
statements by the fact that they do not relate to matters of a
strictly factual or historical nature and generally discuss or
relate to forecasts, estimates or other expectations regarding
future events. Generally, the words "believe," "expect,"
"intend," "estimate," "anticipate," "project," "may," "can,"
"could," "might," "will" and similar expressions identify
forward-looking statements, including statements related to
expected operating and performing results, planned transactions,
planned objectives of management, future developments or conditions
in the industries in which we participate and other trends,
developments and uncertainties that may affect our business in the
future.
Such risks, uncertainties and other factors include, among other
things: interest rate changes and the availability of mortgage
financing; continued volatility in the debt and equity markets;
competition within the industries in which PulteGroup operates; the
availability and cost of land and other raw materials used by
PulteGroup in its homebuilding operations; the impact of any
changes to our strategy in responding to the cyclical nature of the
industry, including any changes regarding our land positions and
the rate of growth in land spend; the availability and cost of
insurance covering risks associated with PulteGroup's businesses;
shortages and the cost of labor; weather related slowdowns; slow
growth initiatives and/or local building moratoria; governmental
regulation directed at or affecting the housing market, the
homebuilding industry or construction activities; uncertainty in
the mortgage lending industry, including revisions to underwriting
standards and repurchase requirements associated with the sale of
mortgage loans; the interpretation of or changes to tax, labor and
environmental laws; economic changes nationally or in PulteGroup's
local markets, including inflation, deflation, changes in consumer
confidence and preferences and the state of the market for homes in
general; legal or regulatory proceedings or claims; our ability to
generate sufficient cash flow in order to successfully implement
our capital allocation priorities; required accounting changes;
terrorist acts and other acts of war; and other factors of
national, regional and global scale, including those of a
political, economic, business and competitive nature. See
PulteGroup's Annual Report on Form 10-K for the fiscal year ended
December 31, 2015, and other public
filings with the Securities and Exchange Commission for a further
discussion of these and other risks and uncertainties applicable to
our businesses. PulteGroup undertakes no duty to update any
forward-looking statement, whether as a result of new information,
future events or changes in PulteGroup's expectations.
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SOURCE PulteGroup, Inc.