D.R. Horton (NYSE:DHI), Ft. Worth, Tex., on Thursday released details of the debt offering the company announced late Tuesday.

The company is offering $450 million aggregate principal amount of 2.0% convertible senior notes due 2014, with an option for the underwriters to purchase up to an additional $50 million no later than June 10, 2009, solely to cover over-allotments. The closing of the offering is expected to occur on May 13, 2009.

The convertible senior notes will pay interest semi-annually at a rate of 2.0% per year and will mature on May 15, 2014. The notes will be convertible to common shares at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. The initial conversion rate for the notes is 76.5697 shares of DHI common stock per $1,000 principal amount of notes (representing an initial conversion price of approximately $13.06 per share of common stock).

Citi acted as sole book-running manager in connection with the offering, and J.P. Morgan, UBS Investment Bank and Wachovia Securities acted as joint lead managers.