Pulte Buys Back $1.5 Billion In Debt
BLOOMFIELD HILLS, Mich. (AP) ¿ Pulte Homes Inc. on Wednesday announced results from its offer to buy $1.5 billion in debt in connection with its purchase of homebuilder Centex Corp.
The tender offer was announced Aug. 11 and expired at midnight Tuesday.
The offer assigned a priority level to each series of notes, so the lower-priority notes that were tendered weren't accepted.
Those that were accepted:¿ $252.6 million, or 84 percent, of $300 million in principal outstanding on 4.55 percent notes due in 2010 and issued by Centex; ¿ $306.9 million, or 78 percent, of $392.5 million in principal outstanding on 7.875 percent notes due in 2011 and issued by Centex; ¿ $186.1 million, or 93 percent, of $200 million in principal outstanding on 8.125 percent notes due in 2011 and issued by Pulte; ¿ $341.4 million, or 72 percent, of $473.6 million in principal outstanding on 7.875 percent notes due in 2011 and issued by Pulte.
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