Shares of D.R. Horton ( DHI) were slightly lower in midday trading after the company announced that it plans to sell $100 million of senior notes in a registered offering.

Recently, the company's shares were down 19 cents to $31.05 on the New York Stock Exchange.

The Arlington, Texas, homebuilder said it expects to use the proceeds from the offering to call roughly $100 million of its 9% senior notes due 2008. The company will sell the notes in an offering under its effective shelf registration statement on file with the Securities and Exchange Commission.

The proposed offering will be led by UBS and Credit Suisse First Boston, D.R. Horton said.