Beazer Homes USA Two Months Sales Absorptions Rise 11%

(RTTNews) - Beazer Homes USA Inc. (BZH) announced that its sales absorptions for the first two months of its fiscal second quarter were up 11% year over year, resulting in 1,001 orders compared to 1,003 in the prior year period.

In addition, the Company continues to expect its fiscal second quarter backlog conversion ratio to be similar to the second quarter of the prior fiscal year.

The company's proposed debt refinancing transaction will materially extend its debt maturity schedule and the Company continues to expect to pay down $100 million of debt by the end of its fiscal year 2018.

Separately, Beazer Homes USA announced that it is proposing to issue $250 million aggregate principal amount of Senior Notes due 2025 in a private offering.

The net proceeds from the offering, together with cash on hand, will be used to fund the repayment of its 7.500% Senior Notes due 2021 and the remaining $55 million aggregate principal amount outstanding under its secured term loan.