BLOOMFIELD HILLS, Mich., Nov. 26, 2012 /PRNewswire/ -- PulteGroup, Inc. (NYSE: PHM) announced today that it will redeem over $170 million in aggregate principal amount of currently outstanding notes. The redemption will occur on December 26, 2012, and will be funded from the Company's available cash balances. The redemption follows the Company's recently completed tender offer for $222 million in outstanding notes.
PulteGroup will redeem all remaining principal outstanding on the following senior notes:
- 6.250% Notes issued by PulteGroup, Inc. due 2/15/2013 - $62.7 million currently outstanding
- 5.125% Notes issued by Centex Corp. due 10/01/2013 - $107.7 million currently outstanding
This redemption is made in accordance with the applicable indentures and terms associated with each issue.
"Upon completion of this redemption, PulteGroup will have used available cash on hand to retire $489 million of outstanding debt in 2012, while at the same time implementing plans to invest upwards of $1.0 billion into the business for land development and acquisition," said Bob O'Shaughnessy, Executive Vice President and Chief Financial Officer. "These actions reflect the strong cash flow being generated by our operations and are consistent with our stated goals of shrinking our balance sheet while working to improve long term returns on invested capital."Forward-Looking Statements This press release includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "may," "can," "could," "might," "will" and similar expressions identify forward-looking statements, including statements related to expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.
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