Millrose Properties Plans $1B Senior Notes Offering for Debt Repayment

Millrose Properties plans to offer up to $1B of senior notes due 2030 to repay outstanding debts under two credit agreements. The net proceeds will be used to repay $500M under a term loan credit agreement maturing in 2026 and $450M under a revolving credit agreement, with any remaining funds for general corporate purposes.

Millrose Properties, Inc. (NYSE: MRP), a real estate development company, has announced plans to offer up to $1 billion in senior notes due in 2030. The offering is subject to market conditions and will be exempt from the registration requirements of the Securities Act of 1933, as amended [1].

The proceeds from the offering will be used to repay $500 million in principal under Millrose's term loan credit agreement, which matures in June 2026, and $450 million in principal under its revolving credit agreement, dated February 7, 2025. Any remaining funds will be allocated for general corporate purposes [1][2][3][4].

The senior notes and related guarantees will be offered and sold only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act. The notes will not be registered under the Securities Act or the securities laws of any state or other jurisdiction [1][2][3][4].

This offering represents a strategic move by Millrose to manage its debt obligations and maintain financial flexibility. The company's forward-looking statements, however, should be read in the context of the risk factors and other disclosures in its filings with the Securities and Exchange Commission [1][2][3][4].

References:
[1] https://www.businesswire.com/news/home/20250803659903/en/Millrose-Properties-Inc.-Announces-Launch-of-%241.0-Billion-Senior-Notes-Offering
[2] https://seekingalpha.com/news/4477288-millrose-plans-to-offer-up-to-1b-senior-notes
[3] https://www.marketscreener.com/news/millrose-properties-inc-announces-launch-of-1-0-billion-senior-notes-offering-ce7c5edade8af225
[4] https://www.stocktitan.net/news/MRP/millrose-properties-inc-announces-launch-of-1-0-billion-senior-notes-vsu62xd0kkhj.html