PulteGroup priced its previously-announced tender offers to purchase for cash up to $300 million aggregate principal amount of the company’s 5.500% senior notes due 2026 and 5.000% senior notes due 2027. J.P. Morgan is the dealer manager for the tender offers.
The tender offers are being made pursuant to an offer to purchase, dated May 16, 2024, which sets forth the terms and conditions of the tender offers. Tender offers are scheduled to expire at 5:00 p.m., New York City time, on June 14, 2024. Because the aggregate principal amount of securities validly tendered and not validly withdrawn prior to or at the early tender date exceeded the aggregate tender cap, there will be no final settlement date (as defined in the offer to purchase), and no securities tendered after the early tender date will be accepted for purchase. Securities tendered and not purchased on the early settlement date will be returned to holders promptly after the early settlement date.
The consideration to be paid per $1,000 principal amount of the securities of each series validly tendered and accepted for purchase has been determined in the manner described in the offer to purchase by reference to the applicable “fixed spread,” plus the applicable reference yield. It is anticipated that the settlement date for the securities that were validly tendered at or prior to the early tender date and accepted for purchase by the company will be June 4, 2024.
The tender offers are subject to the satisfaction or waiver by the company of certain conditions as set forth in the offer to purchase. The tender offers are not conditioned upon the tender of any minimum principal amount of the securities, and neither of the tender offers is conditioned on the consummation of the other tender offer.
None of the company or its affiliates, their respective boards of directors, the dealer managers, the tender and information agent or the trustee with respect to any securities is making any recommendation as to whether holders should tender any securities in response to any of the tender offers, and neither the company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their securities, and, if so, the principal amount of securities to tender.
Holders are urged to evaluate carefully all information in the offer to purchase, including the documents incorporated by reference therein, and to consult their own investment and tax advisors. If a holder holds securities through a custodian bank, broker, dealer, commercial bank, trust company or other nominee, it may contact such custodian or nominee.
