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

Pricing Supplement

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
Expected Ratings*   

Moody’s:

S&P:

Fitch:

  

Baa2 (stable)

BBB (stable)

BBB (stable)

Aggregate Principal Amount    $500,000,000
Maturity Date    October 15, 2025
Coupon    2.600%
Public Offering Price    99.885% of the principal amount
Benchmark Treasury    0.500% due March 31, 2025
Benchmark Treasury Price / Yield    100-1934 / 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
Underwriting Discount    0.600%
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

Co-Managers   

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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