<SEC-DOCUMENT>0001193125-17-355949.txt : 20171130
<SEC-HEADER>0001193125-17-355949.hdr.sgml : 20171130
<ACCEPTANCE-DATETIME>20171129183432
ACCESSION NUMBER:		0001193125-17-355949
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20171130
DATE AS OF CHANGE:		20171129

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HORTON D R INC /DE/
		CENTRAL INDEX KEY:			0000882184
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				752386963
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-206226
		FILM NUMBER:		171229599

	BUSINESS ADDRESS:	
		STREET 1:		1341 HORTON CIRCLE
		CITY:			ARLINGTON
		STATE:			TX
		ZIP:			76011
		BUSINESS PHONE:		(817) 390-8200

	MAIL ADDRESS:	
		STREET 1:		1341 HORTON CIRCLE
		CITY:			ARLINGTON
		STATE:			TX
		ZIP:			76011

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HORTON D R INC /DE/
		CENTRAL INDEX KEY:			0000882184
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				752386963
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		1341 HORTON CIRCLE
		CITY:			ARLINGTON
		STATE:			TX
		ZIP:			76011
		BUSINESS PHONE:		(817) 390-8200

	MAIL ADDRESS:	
		STREET 1:		1341 HORTON CIRCLE
		CITY:			ARLINGTON
		STATE:			TX
		ZIP:			76011
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d501445dfwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<HTML><HEAD>
<TITLE>FREE WRITING PROSPECTUS</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Filed pursuant to Rule 433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Issuer Free Writing Prospectus, dated November&nbsp;29, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Supplementing the Preliminary Prospectus Supplement, dated November&nbsp;29, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-206226</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>D.R. Horton, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$400,000,000 2.550% Senior Notes due 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pricing Supplement </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in
this Pricing Supplement supplements the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP><B>Issuer</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">D.R. Horton, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top" NOWRAP><B>Title of Securities</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2.550% Senior Notes due 2020</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><B>Expected Ratings*</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Moody&#146;s: Baa3 (stable)<BR>S&amp;P: <FONT STYLE="white-space:nowrap">BBB-</FONT> (positive)<BR>Fitch: <FONT STYLE="white-space:nowrap">BBB-</FONT> (stable)</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Aggregate Principal Amount</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">$400,000,000</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Maturity Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">December&nbsp;1, 2020</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Coupon</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2.550%</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Public Offering Price</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">99.966% of the principal amount</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Benchmark Treasury</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.750% due November&nbsp;15, 2020</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Benchmark Treasury Price / Yield</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">99-21</FONT><SUP STYLE="vertical-align:top">&nbsp;3</SUP>&#8260;<SUB STYLE="vertical-align:bottom">4</SUB> / 1.862%</TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Spread to Benchmark Treasury.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">T+70 basis points</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><B>Yield to Maturity</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2.562%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Interest Payment Dates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">June&nbsp;1 and December&nbsp;1 of each year, beginning on June&nbsp;1, 2018</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Record Dates</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">May&nbsp;15 and November&nbsp;15 of each year</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Optional Redemption</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Make-whole call at T+15 bps plus accrued and unpaid interest and additional interest, if any</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Change&nbsp;of&nbsp;Control&nbsp;Triggering&nbsp;Event</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">101% of principal plus accrued and unpaid interest</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Underwriting Discount</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.400%</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP><B>Trade Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">November&nbsp;29, 2017</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Settlement Date</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">We expect that delivery of the notes will be made to investors on or about December&nbsp;5, 2017, which will be the fourth business day following the date of this prospectus supplement (such settlement being referred to as
&#147;T+4&#148;). Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Securities Exchange Act of 1934, trades in the secondary market are required to settle in two business days, unless the parties to any such trade expressly agree
otherwise. Accordingly, purchasers who wish to trade notes on any day prior to two business days before delivery will be required, by virtue of the fact that the notes initially settle in T+4, to specify an alternate settlement arrangement at the
time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes prior to their date of delivery hereunder should consult their advisors.</TD></TR>
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<TD VALIGN="top" NOWRAP><B>CUSIP/ISIN Numbers</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">CUSIP: 23331A BL2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">ISIN: US23331ABL26</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Denominations/Multiple</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">$2,000 / $1,000</TD></TR>
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<TD VALIGN="top" NOWRAP><B>Joint Book-Running Managers</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets Inc.<BR>Mizuho Securities USA LLC<BR>Wells Fargo Securities, LLC<BR>J.P. Morgan Securities LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">U.S. Bancorp Investments, Inc.</P></TD></TR>
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<TD VALIGN="top" NOWRAP><B><FONT STYLE="white-space:nowrap">Co-Managers</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BB&amp;T Capital Markets, a Division of BB&amp;T Securities, LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith
<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporated</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PNC Capital
Markets LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suntrust Robinson Humphrey, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BNP Paribas
Securities Corp.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Comerica Securities, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Samuel A.
Ramirez&nbsp;&amp; Company, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regions Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">TD
Securities (USA) LLC</P></TD></TR>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP><B>Additional&nbsp;Disclosure&nbsp;under&nbsp;&#147;Underwriting&nbsp;&#150;<BR>Other Relationships&#148;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">One of the underwriters, BB&amp;T Capital Markets, a Division of BB&amp;T Securities, LLC, is an affiliate of the trustee for the notes, Branch Banking and Trust Company.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">* A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at
any time and each rating should be evaluated independently of any other rating. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a registration statement (including a prospectus
and a related prospectus supplement) with the United States Securities and Exchange Commission (&#147;SEC&#148;) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement,
the prospectus supplement and other documents D.R. Horton, Inc. has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained by contacting Citigroup Global Markets Inc. at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">800-831-9146</FONT></FONT> or at the
following address: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; Mizuho Securities USA LLC, at
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">866-271-7403</FONT></FONT> or at the following address: 320 Park Avenue, 12th Floor, New York, NY 10022, Attn: Debt Capital Markets; or Wells Fargo Securities, LLC at <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">800-645-3751</FONT></FONT> or at the following address: 608 2<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP> Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer
Service. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH
DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. </B></P>
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