D.R. Horton Insiders Sell Thousands Of Shares
Building company D.R. Horton, Inc. (NYSE:DHI) announced on Friday, September 7, it had inked a five-year, $125 million senior unsecured revolving credit facility with the Royal Bank of Scotland, which came as insiders sold hundreds of thousands of dollars in stock.
The facility currently has an uncommitted $375 million feature that could jump to be worth $500 million with the new deal. This facility includes financial covenants that will make it crucial to keep a minimum level of net worth.
"We are excited about the profitable growth opportunities we are seeing across our homebuilding markets, and believe this is an opportune time to add a revolving credit facility to our capital structure," said Donald R. Horton, chairman of the board. "We appreciate The Royal Bank of Scotland’s commitment to D.R. Horton and its support of our business."
However, in the weeks leading up to the deal, director Michael Buchanan sold 34,000 shares valued at $18.73 each, for a total of $636,950.
Why do you think Buchanan sold so many shares through insider trading in the last month?
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