Filed pursuant to Rule 433
Issuer Free Writing Prospectus, dated September 11, 2012
Supplementing the Preliminary Prospectus Supplement, dated September 11, 2012
Registration No. 333-162123
D.R. Horton, Inc.
$350,000,000 4.375% Senior Notes due 2022
Pricing Supplement
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.
| Issuer | D.R. Horton, Inc. | |
| Aggregate Principal Amount | $350,000,000 | |
| Title of Security | 4.375% Senior Notes due 2022 (the “Notes”) | |
| Maturity Date | September 15, 2022 | |
| Coupon | 4.375% | |
| Public Offering Price | 100.000% plus accrued interest, if any, from September 14, 2012 | |
| Yield to Maturity | 4.375% | |
| Spread to Benchmark Treasury | +268 basis points | |
| Benchmark Treasury | 1.625% due August 15, 2022 | |
| Benchmark Treasury Price and Yield | 99-12+; 1.692% | |
| Interest Payment Dates | March 15 and September 15 of each year, beginning on March 15, 2013 | |
| Record Dates | March 1 and September 1 of each year | |
| Optional Redemption | Prior to June 15, 2022, at the greater of par and make whole at Treasury plus 50 basis points, plus accrued and unpaid interest to the date of redemption. On or after June 15, 2022, at par, plus accrued and unpaid interest to the date of redemption. | |
| Underwriting Discount | 0.800% | |
| Trade Date | September 11, 2012 | |
| Settlement Date | September 14, 2012 (T+3) | |
| Expected Ratings* | Ba2 (Moody’s)/BB- (S&P)/BB (Fitch) (positive/positive/positive) | |
| CUSIP/ISIN Numbers | CUSIP: 23331A BE8 | |
| ISIN: US23331ABE82 | ||
| Sole Book-Running Manager | RBS Securities Inc. | |
| Co-Managers | Citigroup Global Markets Inc. | |
| Deutsche Bank Securities Inc. | ||
| J.P. Morgan Securities LLC | ||
| UBS Securities LLC | ||
| Wells Fargo Securities, LLC | ||
| * | Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
The issuer has filed a registration statement (including a prospectus and a related prospectus supplement) with the United States Securities and Exchange Commission (“SEC”) 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 calling RBS Securities Inc. toll-free at 1-866-884-2071 or at the following address: RBS Securities Inc., 600 Washington Boulevard, Stamford, CT 06901 Attn: High Yield Debt Capital Markets Syndicate.
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