Millrose Properties, Inc. (NYSE: MRP) has announced the launch of a $1.0 billion senior notes offering. The senior notes are due in 2030, and the offering is contingent upon market conditions. The company plans to use the net proceeds from this offering to repay $500 million of principal amount outstanding under its term loan credit agreement maturing on June 23, 2026, and $450 million of outstanding borrowings under its revolving credit agreement dated February 7, 2025. The remaining funds will be used for general corporate purposes. The notes and the related guarantee will be offered and sold to qualified institutional buyers under Rule 144A of the Securities Act and to certain non-U.S. persons under Regulation S. The notes will not be registered under the Securities Act or the securities laws of any state or jurisdiction.