Millrose Properties Prices $1.0 Billion Senior Notes Offering

By Bobby Samwell • Wednesday, September 23 16:07 • Permanent Link

Millrose Properties priced a $1.0 billion senior notes offering split evenly between two tranches: $500 million of 6.500% notes due 2029 and $500 million of 6.750% notes due 2031.

Both tranches were priced at 100.000% of principal. The company said the offering is expected to close on October 6, 2026.

Millrose plans to pair the notes proceeds with $500 million from its delayed draw term loan facility, giving it $1.5 billion of funding for general corporate purposes. That includes potential homesite acquisitions tied to the Dream Finders transaction and repayment of borrowings under its revolving credit facility.

The revolving credit facility carried $850 million of principal outstanding as of September 21, 2026.

If the Dream Finders transaction is not completed by May 13, 2027, Millrose said it will use part of the offering proceeds, along with cash on hand and/or revolver borrowings, to redeem all outstanding 2031 notes. Following these announcements, the company's shares moved -1.93%, and are now trading at a price of $28.1745. Check out the company's full 8-K submission here.

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