Key facts
- Millrose Properties plans to issue $1 billion in senior notes, split between 2029 and 2031 maturities.
- The company will also draw $500 million on its delayed draw term loan facility.
- Proceeds will be used for homesite acquisitions and to reduce revolving credit facility borrowings.
- A special mandatory redemption of $500 million of 2031 notes will occur if the Dream Finders–Beazer merger does not close by May 13, 2027.
- The financing is intended to support builders using Millrose's asset-light homesite option model.
Millrose Properties announced plans to raise up to $1 billion through a two-part senior notes offering and a $500 million draw on its delayed draw term loan facility. The financing is intended to fund homesite acquisitions, particularly those tied to the pending merger of Dream Finders Homes and Beazer Homes, and to reduce outstanding borrowings on its revolving credit facility. The company stated that $850 million was outstanding on its revolving credit facility as of September 21, 2026. The offering is structured as a private placement under Rule 144A and Regulation S, targeting qualified institutional buyers and certain non-U.S. investors. A special mandatory redemption provision is in place for $500 million of the 2031 notes, requiring repayment if the Dream Finders–Beazer merger does not close by May 13, 2027. Millrose operates as a homesite option platform, acquiring and developing land to provide finished lots to homebuilders, aiming for an asset-light model for its clients.