Pulte Homes Announces Early Tender Results of Its Cash Tender Offers for up to $1,500,000,000 Aggregate Principal Amount of Certain of Its Outstanding Notes and Early Acceptance of Certain Notes Tendered in Its Any and All Offer

BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--Aug. 25, 2009-- Pulte Homes, Inc. (NYSE: PHM) (“Pulte” or the “Company”) today announced that as of 5:00 p.m., New York City time, on August 24, 2009 (the “Early Tender Date”), it had received tenders of notes in the amounts set out in the table below:

          Principal Percentage of Principal Amount Acceptance Amount Outstanding Title of Securities and CUSIP Numbers   Issuer   Outstanding   Priority Level   Tendered   Amount Tendered Offer for Notes listed below: Any and All Offer  

4.550% Notes due 2010 (CUSIP: 152312AP9)

Centex $300,000,000 N/A $252,329,000 84.11%

7.875% Notes due 2011 (CUSIP: 152312AG9)

Centex $392,494,000 N/A $306,751,000 78.15%

8.125% Notes due 2011 (CUSIP: 745867AH4)

Pulte $200,000,000 N/A $186,038,000 93.02%

7.875% Notes due 2011 (CUSIP: 745867AL5)

Pulte $473,563,000 N/A $341,197,000 72.05%   Offer for Notes listed below: Maximum Tender Offer  

7.500% Notes due 2012 (CUSIP: 152312AH7)

Centex $324,325,000 1 $214,587,000 66.16%

5.450% Notes due 2012 (CUSIP: 152312AS3)

Centex $295,000,000 2 $168,207,000 57.02%

5.125% Notes due 2013 (CUSIP: 152312AM6)

Centex $300,000,000 3 $111,341,000 37.11%

5.700% Notes due 2014 (CUSIP: 152312AN4)

Centex $350,000,000 4 $123,859,000 35.39%

5.250% Notes due 2015 (CUSIP: 152312AQ7)

Centex $450,000,000 4 $97,863,000 21.75%

6.500% Notes due 2016 (CUSIP: 152312AT1)

Centex $480,000,000 4 $107,870,000 22.47%

The terms and conditions of the tender offers are described in the Offer to Purchase, dated August 11, 2009, and the related Letter of Transmittal. The tender offers will expire at 12:00 midnight, New York City time, on September 8, 2009, unless extended (the “Expiration Date”).

Pulte also announced that it has elected to exercise its option as described in the Company’s Offer to Purchase, dated August 11, 2009 (the “Offer to Purchase”), to accept for payment all notes validly tendered in the Any and All Offer as of the Early Tender Date and that payment for such notes will be made on August 25, 2009. The notes that are tendered in the Any and All Offer after the Early Tender Date and prior to the Expiration Date and the notes that are tendered in the Maximum Tender Offer prior to the Expiration Date will, subject to the terms and conditions of the tender offers, be accepted for payment at or promptly after the Expiration Date, and payment for all validly tendered notes not earlier accepted will be made promptly thereafter. Subject to the terms and the conditions of the tender offers, the notes will be accepted for payment by Pulte by the giving of notice to D. F. King & Co., Inc., the depositary for the tender offers.

As described in the Offer to Purchase, if the aggregate principal amount of Notes within an Acceptance Priority Level tendered in the Maximum Tender Offer (as set forth in the table above) exceeds the $1,500,000,000 tender cap remaining following the purchase of Notes pursuant to the Any and All Offer and of Notes tendered within the numerically lower Acceptance Priority Level(s) in the Maximum Tender Offer, then Pulte will accept such validly tendered Notes in such Acceptance Priority Level, in the aggregate, on a prorated basis (rounded downward such that Holders receive Notes in integral multiples of $1,000).

Pulte has retained BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and UBS Securities LLC to act as lead dealer managers, Barclays Capital Inc. and Wells Fargo Securities to act as dealer managers and Calyon Securities (USA) Inc., Comerica Securities, Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., RBS Securities Inc. and SunTrust Robinson Humphrey, Inc. to act as co-dealer managers in connection with the offers. D. F. King & Co., Inc. has been retained to serve as the depositary and the information agent for the tender offers.

For additional information regarding the terms of the offers, please contact: BofA Merrill Lynch at (888) 292-0070 (toll free) or (980) 388-4603 (collect), Deutsche Bank Securities Inc. at (866) 627-0391 (toll free) or (212) 250-2955 (collect), J.P. Morgan Securities Inc. at (800) 245-8812 (toll free) or (212) 270-3994 (collect) and UBS Securities LLC at (888) 719-4210 (toll free) or (203) 719-4210 (collect). Requests for documents and questions regarding the tendering of notes may be directed to D. F. King & Co., Inc. at (800) 487-4870 (toll free).

Pulte’s obligations to accept any notes tendered and to pay the applicable consideration for them are set forth solely in the Offer to Purchase and the related Letter of Transmittal. This press release is for informational purposes only and is not an offer to purchase or a solicitation of acceptance of the offers. Subject to applicable law, Pulte may amend, extend or, subject to certain conditions, terminate the offers.

Certain statements in this release constitute “forward-looking statements.” Such forward-looking statements involve known risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) adverse national and regional economic and business conditions, including further deterioration in the unemployment rate and the current downturn in the homebuilding industry; (2) interest rate changes and the availability of mortgage financing; (3) continued volatility and potential further deterioration in the debt and equity markets, which have adversely impacted the banking and mortgage finance industries, resulting in tightening of credit; (4) competition; (5) the availability and cost of land and other raw materials used by the Company in its homebuilding operations; (6) the availability and cost of insurance covering risks associated with the Company’s business; (7) shortages and the cost of labor; (8) weather-related slowdowns; (9) slow growth initiatives and/or local building moratoria; (10) governmental regulation and the interpretation of tax, labor and environmental laws; (11) changes in consumer confidence and preferences; (12) required accounting changes; (13) terrorist acts and other acts of war; (14) the potential loss of tax benefits if we have an “ownership change” under IRC Section 382; and (15) other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See the Company’s Annual Report on Form 10-K and Annual Report to Shareholders for the year ended December 31, 2008 and other public filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to Pulte’s business. Pulte undertakes no duty to update any forward-looking statement whether as a result of new information, future events or changes in Pulte’s expectations.

About Pulte Homes

With its merger complete, Pulte Homes, Inc. (NYSE: PHM), based in Bloomfield Hills, Mich., is America’s largest home building company with operations in 29 states and the District of Columbia. The Company has an unmatched capacity to meet the needs of all buyer segments through its brand portfolio that includes Pulte Homes, Centex and Del Webb , as well as its regional brands of DiVosta Homes (Florida) and Fox & Jacobs (Texas). Pulte Mortgage LLC is a nationwide lender offering Pulte customers a wide variety of loan products and superior service.



Source: Pulte Homes, Inc.

Pulte Homes, Inc.
Company Contacts
Investors: Jim Zeumer
(248) 433-4502

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