Spin-off - GREYSTONE NEVADA LLC

Form Type: 424B5

Filing Date: 2025-05-13

Corporate Action: Spin-off

Type: Update

Accession Number: 000119312525118869

Filing Summary: On February 7, 2025, GREYSTONE NEVADA LLC completed the taxable spin-off of Millrose Properties, Inc. ("Millrose") by distributing approximately 80% of Millrose's stock to its shareholders. GREYSTONE retains a 20% stake in Millrose, expected to divest later through a subsequent transaction. In connection with the spin-off, GREYSTONE contributed approximately $5.6 billion in land assets and $1 billion in cash to Millrose, aiming to enhance its strategy as a land-light home manufacturer. This document also outlines GREYSTONE's recent acquisition of Rausch Coleman Homes worth $312.2 million and introduces a $1.61 billion delayed draw term loan facility. The company reports a 4% decrease in net sales and a decline in gross margin, attributing challenges to rising interest rates and reduced consumer confidence. It highlights a shift to a controlled homesite approach and the absence of a public market for the newly issued 5.200% senior notes due 2030, totalling $700 million, with anticipated maturity on July 30, 2030.