The following constitutes Amendment No. 19 to the Schedule 13D filed by the undersigned (“Amendment No. 19”). This Amendment No. 19 amends the Schedule 13D as specifically set forth herein.
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Item 6.
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Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
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Item 6 is hereby amended to add the following:
On May 25 and May 27, 2016, the Reporting Person closed the refinancing of certain obligations in connection with those certain loan/collar transactions initially entered into in May 2014. The purpose of the refinancing transactions (the “Refinancing Transactions”) is to provide the Reporting Person with liquidity to, among other things, further his philanthropic endeavors while protecting himself against risks associated with a potential decline in PHM’s stock price. The Reporting Person does not have any intention to deliver any Common Shares in connection with the Refinancing Transactions or any other loan agreements previously disclosed. As the founder and largest shareholder of PHM, the Reporting Person remains committed to seeking long-term value creation at PHM.
Pursuant to one refinancing transaction, the Reporting Person received a new loan in the principal amount of $22,432,000, which bears an interest rate of 1.87% and matures on June 5, 2017, and entered into the following collar: the Reporting Person sold to a counterparty a European-style call option referencing an aggregate of 1,800,000 Common Shares, which has an exercise price of $21.99 per Common Share and expires on June 5, 2017; and the Reporting Person purchased from a counterparty a European-style put option referencing an aggregate of 1,800,000 Common Shares, which has an exercise price of $12.70 per Common Share and expires on June 5, 2017. 1,800,000 Common Shares continue to serve as collateral for the new loan as was the case for the prior loan.
Pursuant to another refinancing transaction, the Reporting Person received a new loan in the principal amount of $22,432,000, which bears an interest rate of 1.87% and matures on June 5, 2017, and entered into the following collar: the Reporting Person sold to a counterparty a European-style call option referencing an aggregate of 1,800,000 Common Shares, which has an exercise price of $21.93 per Common Share and expires on June 5, 2017; and the Reporting Person purchased from a counterparty a European-style put option referencing an aggregate of 1,800,000 Common Shares, which has an exercise price of $12.70 per Common Share and expires on June 5, 2017. 1,800,000 Common Shares continue to serve as collateral for the new loan as was the case for the prior loan.
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: May 27, 2016
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/s/ William J. Pulte
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William J. Pulte
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