Millrose Properties Announces $1 Billion Senior Notes Offering

Millrose Properties Inc. plans to offer up to $1 billion in senior notes due 2030, subject to market conditions. The company intends to use the proceeds to repay $950 million of existing debt and for general corporate purposes. The offering will be exempt from the registration requirements of the Securities Act and will be offered to qualified institutional buyers and non-U.S. persons.

Millrose Properties, Inc. (NYSE: MRP), a real estate development company, has announced plans to offer up to $1 billion in senior notes due 2030, subject to market conditions. The company aims to use the proceeds to repay $950 million of existing debt and for general corporate purposes. The offering is exempt from the registration requirements of the Securities Act of 1933, as amended [1].

The senior notes, which are due in 2030, 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 and may not be offered or sold in the United States without registration or an applicable exemption [1].

Millrose Properties, Inc. purchases and develops residential land and sells finished homesites to home builders by way of option contracts with predetermined costs and takedown schedules. The company serves as a solution for home builders seeking to expand access to finished homesites while implementing an asset-light strategy. As fully developed homesites are sold by Millrose, capital is recycled into future land acquisitions for home builders, providing customers with durable access to community growth [1].

The company expects to use the net proceeds of the Offering to repay $500 million of the principal amount outstanding under its term loan credit agreement, dated June 24, 2025, and maturing June 23, 2026, and $450 million of the principal amount of outstanding borrowings under its revolving credit agreement dated February 7, 2025 [1].

The press release also included forward-looking statements, which are subject to risks and uncertainties. These statements should be read in the context of the risk factors and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov [1].

References:
[1] https://www.stocktitan.net/news/MRP/millrose-properties-inc-announces-launch-of-1-0-billion-senior-notes-vsu62xd0kkhj.html