FORT WORTH, Texas (AFX) - Homebuilder DR Horton Inc. said Monday it plans to redeem all its 10.5 percent senior subordinated notes due 2011 on July 15, at a redemption price of about $152.4 million.
DR Horton assumed the notes in 2002 when it purchased homebuilder Schuler Homes Inc., which issued the notes.
DR Horton said it will redeem the notes at $1,052.50 per $1,000 outstanding note.
The company said it will pay accrued and unpaid semiannual interest of $52.50 per $1,000 note, or about $7.6 million, on July 15 to noteholders of record on July 1.
Shares fell 46 cents to close at $23.41 on the New York Stock Exchange.
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