Millrose Properties launches $1 billion senior notes offering

Millrose Properties, Inc. (NYSE: MRP) announced plans to offer up to $1.0 billion in senior notes split across two tranches of $500.0 million each, due in 2029 and 2031 respectively, subject to market conditions.

According to a press release, the offering is exempt from registration requirements under the Securities Act of 1933 and will be available only to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S.

Millrose said it intends to use the net proceeds alongside $500 million drawn from its 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 a previously announced merger between the two companies. Proceeds will also be used to repay borrowings under the company's revolving credit facility, which carried $850 million in outstanding principal as of Sept. 21, 2026.

If the Dream Finders transaction is not completed by May 13, 2027, Millrose said it will use a portion of the net proceeds, combined with cash on hand or revolving credit facility borrowings, to execute a special mandatory redemption of $500 million of the 2031 notes.

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