Millrose Properties launches USD 1 billion senior notes offering

Millrose Properties launched a USD 1 billion senior notes offering split into USD 500 million due 2029 and USD 500 million due 2031.

Proceeds are earmarked for general corporate purposes, including homesite acquisitions tied to the Dream Finders transaction.

The funding package also includes a USD 500 million delayed-draw term loan. Part of the proceeds may repay the revolving credit facility, which had USD 850 million outstanding as of Sept. 21, 2026.

If the Dream Finders transaction misses May 13, 2027, USD 500 million of the 2031 notes face special mandatory redemption.