UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Bilheimer, Stephen J.
2728 N. Harwood
Dallas, TX 75201
USA
2. Issuer Name and Ticker or Trading Symbol
Centex Development Company, L.P.
trades in tandem with Centex Corporation - CTX
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
January 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option Right to Buy |$8.50(1)|1/15/|M(2)| |.031445(3) |D |____(|11/11|Warrants to |.031445| | | | |
| |97 | | | | |5) |/97 |purchase "Un|(3) | | | | |
| | | | | | | | |its" (4) | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Warrants |____(3) |1/15/|M(2)| |.031445(3) |A |____(|____(|Units |.031445|$8.50(1| | | |
| |97 | | | | |3) |3) | |(3) |) | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Warrants |____(3) |1/15/|S(2)| |.031445(3) |D |____(|____(|Units |.031445|$39.375| | | |
| |97 | | | | |3) |3) | |(3) |(1) | | | |
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Option Right to Buy |$8.50(1)|1/17/|M(2)| |.031445(3) |D |____(|11/11|Warrants to |.031445| | | | |
| |97 | | | | |5) |/97 |purchase Uni|(3) | | | | |
| | | | | | | | |ts | | | | | |
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Warrants |____(3) |1/17/|M(2)| |.031445(3) |A |____(|____(|Units |.031445|$8.50(1| | | |
| |97 | | | | |3) |3) | |(3) |) | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Warrants |____(3) |1/17/|S(2)| |.031445(3) |D |____(|____(|Units |.031445|$39.25(|.251558(3) |D | |
| |97 | | | | |3) |3) | |(3) |1) | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) Per share of Common Stock of Centex
Corporation.
(2) This exercise and/or sale was made pursuant to and in reliance upon the
exemption contained in Rule 16b-3.
(3) Pursuant to a Nominee Agreement dated November 30, 1987, each person who is
the beneficial owner of
shares of Centex Corporation ("Centex") Common Stock is also the beneficial
owner of an undivided interest in
900 warrants (the "Warrants") to purchase Class B units of limited partnership
interest in Centex Development
Company, L.P. ("CDC") at an exercise price of $500 per Class B unit, which
Warrants are held of record by
Chemical Bank, as successor nominee. Each beneficial owner's proportionate
interest in the Warrants is equal to
the number of shares of Centex Common Stock he owns divided by the total number
of shares of Centex Common
Stock oustanding from time to time. The exercise price for the Warrants will be
determined at the time they become
exercisable based on the number of Warrants that are then exercisable, the
manner in which the Warrants are
subdivided is at the discretion of the general partner of CDC and the number of
shares of Centex Common Stock
oustanding at that time. The Warrants will be exercisable for a 90-day period
commencing on a date to be
specified after their detachment. Unless sooner detached, the Warrants will be
detached on November 30, 2007,
unless such date is extended by a vote of the Centex stockholders. Until the
Nominee Agreement is terminated
with respect to the Warrants and certificates evidencing the Warrants are
issued in the name of the beneficial
owners thereof, the Reporting Person has no right to obain a certificate
evidencing his beneficial interest in the
Warrants or to dispose of the Warrants separate from Centex Common Stock.
Computations set forth in this Form
have been made using 28,621,684 shares of Centex Common Stock outstanding as
reported in Centex
Corporation's Form 10-Q for fiscal quarter ending
9/30/96.
(4) "Units" is defined as Class B Limited Partnership
Units.
(5) Centex Corporation Employee Stock Option granted 11/11/87. Options vest
over the ten year life of the option at
the rate of 3,000 shares of Centex Common Stock a year, beginning on the first
anniversary of the grant with full
vesting nine years and eight months after the date of the
grant.
SIGNATURE OF REPORTING PERSON
\s\ J. Stephen Bilheimer
DATE
February 3, 1997
