Filed pursuant to Rule 433 under the Securities Act of 1933
Issuer Free Writing Prospectus, dated May 1, 2020
Supplementing the Preliminary Prospectus Supplement, dated May 1, 2020
Registration No. 333-226644
D.R. Horton, Inc.
$500,000,000 2.600% Senior Notes due 2025
The information in this Pricing Supplement supplements the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement.
|Issuer||D.R. Horton, Inc.|
|Title of Securities||2.600% Senior Notes due 2025|
|Aggregate Principal Amount||$500,000,000|
|Maturity Date||October 15, 2025|
|Public Offering Price||99.885% of the principal amount|
|Benchmark Treasury||0.500% due March 31, 2025|
|Benchmark Treasury Price / Yield||100-193⁄4 / 0.373%|
|Spread to Benchmark Treasury||T+225 basis points|
|Yield to Maturity||2.623%|
|Interest Payment Dates||April 15 and October 15 of each year, beginning on October 15, 2020|
|Record Dates||April 1 and October 1 of each year|
|Optional Redemption||Make-whole call at T+37.5 basis points prior to September 15, 2025; 100% of principal amount on or after September 15, 2025, in either case, plus accrued and unpaid interest on the principal amount of the notes being redeemed.|
|Change of Control Triggering Event||101% of principal plus accrued and unpaid interest|
|Trade Date||May 1, 2020|
|Settlement Date||May 5, 2020 (T+2)|
|CUSIP/ISIN Numbers||CUSIP: 23331A BN8 ISIN: US23331ABN81|
|Denominations/Multiple||$2,000 / $1,000|
|Joint Book-Running Managers|| |
J.P. Morgan Securities LLC
Mizuho Securities USA LLC
U.S. Bancorp Investments, Inc.
Citigroup Global Markets Inc.
Wells Fargo Securities, LLC
BofA Securities, Inc.
PNC Capital Markets LLC
Suntrust Robinson Humphrey, Inc.
TD Securities (USA) LLC
BNP Paribas Securities Corp.
Citizens Capital Markets, Inc.
Comerica Securities, Inc.
Regions Securities LLC
Samuel A. Ramirez & Company, Inc.
WoodRock Securities, L.P.
|Additional Disclosure under
Underwriting Other Relationships
|One of the underwriters, Suntrust Robinson Humphrey, Inc., is an affiliate of the trustee for the notes, Branch Banking and Trust Company.|
* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time and each rating should be evaluated independently of any other rating.
The issuer has filed a registration statement (including a prospectus and a related prospectus supplement) with the United States Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement and other documents D.R. Horton, Inc. has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained by calling any of the representatives of the underwriters:
|J.P. Morgan Securities LLC||212-834-4533 (collect)|
|Mizuho Securities USA LLC||866-271-7403 (toll free)|
|U.S. Bancorp Investments, Inc.||877-558-2607 (toll free)|
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