Beazer Homes begins one-month capped tenders for 5¾%, 7¼% notes

By Susanna Moon

Chicago, Sept. 25 – Beazer Homes USA, Inc. said it began cash tender offers for up to $225 million of its $321,393,000 5¾% senior notes due 2019 and up to $75 million of its $199,834,000 7¼% senior notes due 2023.

The total purchase price for each $1,000 principal amount will be $1,060 for the 5¾% notes and $1,052.75 for the 7¼% notes.

The total payment includes an early tender premium of $30.00 per $1,000 principal amount of notes tendered by 5 p.m. ET on Oct. 6, the early tender date.

Holders will also receive accrued interest.

The tender offers will remain open until midnight ET at the end of the day on Oct. 23.

The tender is contingent on the company securing at least $300 million of proceeds from one or more offerings of senior notes, according to a company announcement.

The company said it expects to repay the 2019 notes that remain outstanding after the offers at par on March 15, 2019 or through additional repurchases before then.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 325-2476) is the dealer manager. D.F. King & Co., Inc. (212 269-5550, 866 406-2285 or dfking.com/bzh) is the tender and information agent.

Beazer is an Atlanta-based single-family homebuilder.

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