<SEC-DOCUMENT>0001193125-16-658496.txt : 20160727
<SEC-HEADER>0001193125-16-658496.hdr.sgml : 20160727
<ACCEPTANCE-DATETIME>20160726182302
ACCESSION NUMBER:		0001193125-16-658496
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160727
DATE AS OF CHANGE:		20160726

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PULTEGROUP INC/MI/
		CENTRAL INDEX KEY:			0000822416
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				382766606
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-209598
		FILM NUMBER:		161785304

	BUSINESS ADDRESS:	
		STREET 1:		3350 PEACHTREE ROAD NORTHEAST
		STREET 2:		SUITE 1600
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30326
		BUSINESS PHONE:		2486472750

	MAIL ADDRESS:	
		STREET 1:		3350 PEACHTREE ROAD NORTHEAST
		STREET 2:		SUITE 1600
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PULTE HOMES INC/MI/
		DATE OF NAME CHANGE:	20011023

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PULTE CORP
		DATE OF NAME CHANGE:	19931118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHM CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PULTEGROUP INC/MI/
		CENTRAL INDEX KEY:			0000822416
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				382766606
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		3350 PEACHTREE ROAD NORTHEAST
		STREET 2:		SUITE 1600
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30326
		BUSINESS PHONE:		2486472750

	MAIL ADDRESS:	
		STREET 1:		3350 PEACHTREE ROAD NORTHEAST
		STREET 2:		SUITE 1600
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PULTE HOMES INC/MI/
		DATE OF NAME CHANGE:	20011023

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PULTE CORP
		DATE OF NAME CHANGE:	19931118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PHM CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433<BR>Registration No. 333-209598<BR>Pricing Term Sheet<BR>July 26, 2016
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PulteGroup, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$400,000,000 4.250% Senior Notes due 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$600,000,000 5.000% Senior Notes due 2027 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pricing Term Sheet </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>July&nbsp;26, 2016 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This pricing term
sheet supplements, and should be read in conjunction with, PulteGroup, Inc.&#146;s preliminary prospectus supplement dated July&nbsp;26, 2016 (the &#147;Preliminary Prospectus Supplement&#148;) and accompanying prospectus dated February&nbsp;19,
2016 and the documents incorporated and deemed to be incorporated by reference therein. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Issuer:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">PulteGroup, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"><B>Guarantors:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Certain of the issuer&#146;s direct and indirect wholly-owned U.S. homebuilding subsidiaries as described in the Preliminary Prospectus Supplement</TD></TR>
<TR STYLE="font-size:1pt">
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<TD VALIGN="top"><B>Securities:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">4.250% Senior Notes due 2021 (the &#147;New 2021 senior notes&#148;), which New 2021 senior notes constitute a &#147;reopening&#148; of the series (our senior notes of that series, the &#147;2021 Senior Notes&#148;) of 4.250% Senior
Notes due 2021 previously issued by the Issuer on March 1, 2016 in the aggregate principal amount of $300.0 million</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">5.000% Senior Notes due 2027 (the &#147;2027 senior notes&#148;)</TD></TR>
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<TD VALIGN="top"><B>Principal Amount:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New 2021 senior notes: $400,000,000, which represents an increase of $100,000,000 from the amount set forth in the Preliminary Prospectus
Supplement</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2027 senior notes: $600,000,000, which represents an increase of $300,000,000 from the amount set forth in the Preliminary Prospectus
Supplement</P></TD></TR>
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<TD VALIGN="top" NOWRAP><B>Ratings&nbsp;(Moody&#146;s&nbsp;/&nbsp;S&amp;P)*:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Ba1 (Stable) / BB+ (Stable)</TD></TR>
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<TD VALIGN="top"><B>Trade Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">July 26, 2016</TD></TR>
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<TD VALIGN="top"><B>Expected Settlement Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">July 29, 2016 (T+3)</TD></TR>
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<TD VALIGN="top"><B>Maturity Date:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New 2021 senior notes: March 1, 2021</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2027
senior notes: January 15, 2027</P></TD></TR>
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<TD VALIGN="top"><B>Coupon (Interest Rate):</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New 2021 senior notes: 4.250% per annum</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2027
senior notes: 5.000% per annum</P></TD></TR>
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<TD VALIGN="top"><B>Interest Payment Dates:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New 2021 senior notes: March 1 and September 1, commencing September 1, 2016</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(interest on the New 2021 senior notes will accrue from March 1, 2016)</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2027 senior notes: January 15 and July 15, commencing January 15, 2017</P></TD></TR>
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<TD VALIGN="top"><B>Price to Public:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New 2021 senior notes: 103.500% of the principal amount, plus accrued interest from March 1, 2016</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2027 senior notes: 100.000% of the principal amount</P></TD></TR>
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<TD VALIGN="top"><B>Gross Proceeds:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New 2021 senior notes: $414,000,000</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2027 senior
notes: $600,000,000</P></TD></TR>
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<TD VALIGN="top"><B>Yield to Maturity:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New 2021 senior notes: 3.419%</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2027 senior
notes: 5.000%</P></TD></TR>
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<TD VALIGN="top"><B>Benchmark Treasury:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New 2021 senior notes: 1.125% due June 30, 2021</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2027 senior notes: 1.625% due May 15, 2026</P></TD></TR></TABLE>

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<TD VALIGN="top"><B>Optional Redemption:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The 2021 senior notes are redeemable at our option at any time or from time to time prior to February 1, 2021, and the 2027 senior notes are
redeemable at our option at any time or from time to time prior to October 15, 2026, in each case either in whole or in part, at a redemption price equal to the greater of (i) 100% of the principal amount of the senior notes of the applicable series
to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the senior notes of the applicable series to be redeemed (exclusive of accrued and unpaid interest to, but not including, the
applicable redemption date) that would be due if the senior notes of such series matured on February 1, 2021, in the case of the 2021 senior notes or October 15, 2026, in the case of the 2027 senior notes, discounted to such redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points in the case of the 2021 senior notes or 50 basis points in the case of the 2027 senior notes, plus, in the case of both clauses
(i) and (ii) above, accrued and unpaid interest to, but not including, the applicable redemption date.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">On and after February 1, 2021, we may at our option redeem the 2021 senior notes, and on and after October 15, 2026, we may at our option redeem the 2027
senior notes, in each case at any time or from time to time, either in whole or in part, at a redemption price equal to 100% of the principal amount of the senior notes of the applicable series to be redeemed, plus accrued and unpaid interest to,
but not including, the applicable redemption date.</P></TD></TR>
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<TD VALIGN="top"><B>Use of Proceeds:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Company intends to use the net proceeds of the offering to repay the remaining $400 million of borrowings outstanding under its Term Loan Facility, to repay any borrowings outstanding under its Revolving Credit Facility and for
general corporate purposes, which may include share repurchases, repayment of other indebtedness and acquisition and development of land. Affiliates of certain of the underwriters are lenders under the Company&#146;s Term Loan Facility and Revolving
Credit Facility and will receive a portion of the net proceeds from this offering used to repay the outstanding borrowings under the Term Loan Facility and the Revolving Credit Facility.</TD></TR>
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<TD VALIGN="top"><B>As&nbsp;Adjusted&nbsp;Column&nbsp;of&nbsp;table under &#147;Capitalization&#148;:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The &#147;As Adjusted&#148; column of the table in the Preliminary Prospectus Supplement showing our capitalization as of June 30, 2016 as adjusted for the issuance of the senior notes and the use of the net proceeds from this
offering will be revised to reflect an assumed use of net proceeds to repay the remaining $400.0 million of borrowings under the Company&#146;s Term Loan Facility and to repay any outstanding borrowings under the Company&#146;s Revolving Credit
Facility.</TD></TR>
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<TD VALIGN="top"><B>Conflicts of Interest:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">If any one underwriter, together with its affiliates, were to receive 5% or more of the net proceeds of the offering as a result of the repayment of borrowings under our Term Loan Facility and/or our Revolving Credit Facility, such
underwriter would be deemed to have a &#147;conflict of interest&#148; with us in regard to this offering under FINRA Rule&nbsp;5121.&nbsp;Accordingly, this offering will be conducted in accordance with FINRA Rule 5121. No underwriter with a
&#147;conflict of interest&#148; under FINRA Rule 5121 will confirm sales to any discretionary accounts without receiving specific written approval from the account holder. Pursuant to FINRA Rule 5121(a)(1)(A), the appointment of a &#147;qualified
independent underwriter&#148; is not required in connection with this offering because the FINRA member primarily responsible for managing this offering does not have a conflict of interest, is not an affiliate of any member that has a conflict of
interest and meets the requirements of paragraph (f)(12)(E) of FINRA Rule 5121.</TD></TR>
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<TD VALIGN="top"><B>CUSIP / ISIN:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2021 senior notes: 745867 AV3 / US745867AV39</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">2027 senior notes: 745867AX9 / US745867AX94</P></TD></TR></TABLE>

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<TD VALIGN="top"><B>Joint Book-Running Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">J.P. Morgan Securities LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Merrill Lynch,
Pierce, Fenner &amp; Smith</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&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">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">SunTrust Robinson Humphrey, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Citigroup Global Markets
Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Securities, LLC</P></TD></TR>
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<TD VALIGN="top"><B>Co-Managers:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <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">Mizuho Securities USA
Inc.</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">U.S. Bancorp Investments,
Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fifth Third Securities, 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">TD Securities (USA) LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Samuel A. Ramirez &amp;
Company, Inc.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>*Note: A security rating is not a recommendation to buy, sell or hold securities, and may be subject to revision or
withdrawal at any time. Each of the security ratings above should be evaluated independently of any other security rating. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a
registration statement (including a prospectus) and a prospectus supplement with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement and other documents the issuer
has filed with the SEC and incorporated by reference in the prospectus and prospectus supplement 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, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at 1-212-834-4533
and Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated toll-free at 1-800- 294-1322. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Any disclaimer or other notice that may appear below
is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system. </B></P>
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