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| Prospect News home > News index > List of issuers B > Headlines for Beazer Homes USA, Inc. > News item |
Beazer launches tender offer, consent solicitation for 2022 notes
By Marisa Wong
Los Angeles, Sept. 10 – Beazer Homes USA, Inc. said it has begun a cash tender offer for any and all of its $500 million of outstanding 8¾% senior notes due 2022.
The company is also soliciting consents from holders to amend the indenture governing the notes to eliminate substantially all of the restrictive covenants and some events of default and shorten the minimum notice period required for optional redemptions by the company to two calendar days from 15 calendar days.
The tender offer and consent solicitation will expire at 12:01 a.m. ET on Oct. 8.
In order to be eligible to receive the total consideration, holders must tender their notes and deliver consents before 5 p.m. ET on Sept. 23, the consent deadline.
The total consideration is $1,046.25 per $1,000 principal amount and includes a consent payment of $30. Settlement for early tendered notes is expected to be on Sept. 24.
Holders tendering after the consent deadline will only be eligible to receive the tender offer consideration of $1,016.25 per $1,000 principal amount.
The company will also pay accrued interest.
The tender offer and consent solicitation are conditioned on the receipt of at least $500 million in gross proceeds from one or more offerings of senior notes and borrowings under the company’s new senior unsecured term loan.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-2476) is dealer manager and solicitation agent. D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 591-8263 for noteholders, www.dfking.com/bzh) is the tender and information agent.
Beazer is a homebuilder based in Atlanta.
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