Dream Finders Announces Pricing of Senior Notes Offering Due 2028
Summary
JACKSONVILLE, Fla., August 09, 2023--(BUSINESS WIRE)--Dream Finders Homes, Inc. (the "Company" or "Dream Finders Homes") (NYSE: DFH) today announced the pricing of its private offering of $300,000,000 aggregate principal amount of 8.25% senior unsecured notes due 2028 (the "2028 Notes").The Company expects the net aggregate proceeds of the offering to be approximately $295 million, after the underwriting discount and estimated offering expenses payable by Dream Finders Homes. The Company intends to use the net proceeds from the offering to repay a portion of the borrowings outstanding under the amended and restated credit agreement, as amended (the "Credit Agreement") and for general corporate purposes.The 2028 Notes will bear interest at 8.25% and will be guaranteed on a senior unsecured basis by each of the Companys subsidiaries that is a guarantor under the Credit Agreement.The offering is expected to close on August 22, 2023, subject to customary closing conditions.The 2028 Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The 2028 Notes will be sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the 2028 Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.Dream Finders Homes is a homebuilder based in Jacksonville, FL. These risks include, but are not limited to, the risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in the Companys reports and other public filings with the SEC, including, but not limited to, those detailed in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and the Companys Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, filed with the SEC. The Company undertakes no obligation to update or revise any forward-looking statement except as may be required by applicable law.