Pulte Homes Inc. (NYSE: PHM) on Wednesday announced results from its offer to buy $1.5 billion in debt in connection with its purchase of homebuilder Centex Corp.
Wall Street Grand is a leading online financial publication. We are pleased to alert investors of stocks that are on the move.
Sign Up for our Free Stock Newsletter
The tender offer was announced Aug. 11 and expired at midnight Tuesday.
The following were accepted:
· $252.6 million, or 84 percent, of $300 million in principal outstanding on 4.55 percent notes due in 2010 and issued by Centex;
· $306.9 million, or 78 percent, of $392.5 million in principal outstanding on 7.875 percent notes due in 2011 and issued by Centex;
· $186.1 million, or 93 percent, of $200 million in principal outstanding on 8.125 percent notes due in 2011 and issued by Pulte;
· $341.4 million, or 72 percent, of $473.6 million in principal outstanding on 7.875 percent notes due in 2011 and issued by Pulte.
Below are acceptances for nearly $2.2 billion in notes issued by Centex that are included in a maximum tender offer, under which notes may be tendered based on a priority system:
· $214.7 million, or 66 percent, of $324.3 million in principal outstanding on 7.5 percent notes due in 2012 and having the highest acceptance priority level;
· $168.3 million, or 57 percent, of $295 million in principal outstanding on 5.45 percent notes due in 2012 and having the second-highest acceptance priority;
· $30.1 million, or 10 percent, of $300 million in principal outstanding on 5.125 percent due in 2013 and having the third-highest acceptance priority. Holders had tendered $111.7 million of these notes.
Other notes were tendered, but Pulte didn't accept them because the $1.5 billion for the buyback had been used up:
· $124 million of $350 million in principal outstanding on 5.7 percent notes due in 2014;
· $97.9 million on $450 million in principal outstanding on 5.25 percent notes due in 2015;
· $107.9 million on $480 million in principal outstanding on 6.5 percent notes due in 2016.
Sign up for Today for our free Wall Street Grand newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
About Wall Street Grand
Wall Street Grand is the best investor relations company on the web. From Research Reports to Stock Profiles, we give you everything you need to make the best investment decisions daily. Each of our Featured Investment Opportunities hold premium characteristics to succeed even our own expectations making us the best kept secret of Wall Street.
To feature a company on our web site please contact us at the email listed below.
Wall Street Grand's stock profiles are intended to be stock ideas, NOT recommendations. Please do your own research before investing. Please click here to read the full disclaimer.
