PulteGroup, Inc. (NYSE: PHM) (the Company) announced today that it has commenced a tender offer (the Tender Offer) for up to $300 million aggregate principal amount (the Maximum Tender Amount) of its 4.250% Senior Notes due 2021 (the Notes).
The terms and conditions of the Tender Offer are set forth in an Offer to Purchase (the Offer to Purchase) and the related Letter of Transmittal (the Letter of Transmittal), each dated May 16, 2019. The Company intends to fund the Tender Offer with cash on hand.
The Tender Offer will expire at 12:00 Midnight, New York City time, at the end of June 13, 2019 (the Expiration Time), unless extended or earlier terminated. Holders who validly tender and do not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on May 30, 2019 (the Early Tender Time), and whose Notes are accepted for purchase, will receive, for each $1,000 principal amount of such Notes, the Total Consideration of $1,020, which includes an Early Tender Premium of $30.00. Holders who validly tender their Notes after the Early Tender Time will only be eligible to receive the Tender Offer Consideration, which is the Total Consideration less the Early Tender Premium.
In addition to the Total Consideration or Tender Offer Consideration, as applicable, Holders whose Notes are accepted for purchase will also receive accrued and unpaid interest from the last interest payment date for the Notes to, but not including, the applicable settlement date. Payment for all Notes validly tendered at or prior to the Early Tender Time and accepted for purchase will be made on the Early Settlement Date, which will be promptly after the Early Tender Time and is anticipated to occur on or about May 31, 2019. Payment for all Notes validly tendered after the Early Tender Time and accepted for purchase, if any, will be made promptly after the Expiration Time.
If more than the Maximum Tender Amount of Notes are validly tendered and not validly withdrawn, the Company will accept such Notes for purchase on a pro rata basis up to the Maximum Tender Amount. If, at the Early Tender Time, the aggregate principal amount of Notes validly tendered equals or exceeds the Maximum Tender Amount, the Company does not expect to accept for purchase any Notes validly tendered after the Early Tender Time. If, at the Early Tender Time, the aggreg