Millrose Properties prices $1B senior notes in two tranches

Millrose Properties, Inc. (NYSE: MRP) has priced a private offering of $1.0 billion in senior notes split into two equal tranches, according to a company statement.

The offering consists of $500.0 million in 6.500% senior notes due 2029 and $500.0 million in 6.750% senior notes due 2031, both priced at 100% of principal. The offering is expected to close on October 6, 2026, subject to customary closing conditions.

Millrose said it intends to use the net proceeds, along with $500 million drawn under its delayed draw term loan facility, for general corporate purposes. These 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 had $850 million in principal outstanding as of September 21, 2026.

If the Dream Finders transaction is not completed by May 13, 2027, Millrose has stated it will use a portion of the proceeds, along with cash on hand or revolving credit borrowings, to redeem all outstanding 2031 notes.

The notes will be offered only to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to certain non-U.S. persons under Regulation S. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.

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