Beazer Homes To Issue $300 Mln Of Senior Notes; Also Commences Tender Offers

(RTTNews) - Beazer Homes USA, Inc. (BZH) said it is proposing to issue $300 million aggregate principal amount of Senior Notes due 2027 in a private offering that is exempt from the registration requirements of the Securities Act of 1933. The company intends to offer the notes to qualified institutional buyers.

Beazer Homes will use the net proceeds from the offering to fund the repayment of up to $225 million of its 5.75% Senior Notes due 2019 and up to $75 million of its 7.25% Senior Notes due 2023.

In a separate statement, Beazer Homes said it has commenced cash tender offers for up to $225 million of its 5.25% Senior Notes due 2019 and up to $75 million of its 7.25% Senior Notes due 2023.

The tender offers will expire at 12:00 midnight, New York City time, at the end of the day on October 23, 2017, unless extended or earlier terminated by the company.

Beazer Homes noted that the "total consideration" for each $1,000 principal amount of 2019 Notes validly tendered and not validly withdrawn, and accepted for purchase pursuant to the tender offers will be an amount equal to $1,060.00. This will be payable in cash to holders that validly tender their 2019 Notes prior to the early tender deadline, plus accrued and unpaid interest.

The total consideration for each $1,000 principal amount of 2023 Notes validly tendered and not validly withdrawn, and accepted for purchase pursuant to the tender offers will be an amount each to $1,052.75, payable in cash to holders that validly tender their 2023 Notes prior to the early tender deadline, plus accrued and unpaid interest.