Beazer Homes and GSO Capital Partners Announce $150 Million Land Banking Arrangement
“I’m very pleased that GSO has agreed to make available to the Company
additional capital to enhance our land acquisition and development
activities,” said
ABOUT BEAZER HOMES:
Headquartered in
ABOUT GSO CAPITAL PARTNERS LP:
This press release contains forward-looking statements. These
forward-looking statements represent our expectations or beliefs
concerning future events, and it is possible that the results described
in this press release will not be achieved. These forward-looking
statements are subject to risks, uncertainties and other factors, many
of which are outside of our control, that could cause actual results to
differ materially from the results discussed in the forward-looking
statements, including, among other things, (i) economic changes
nationally or in local markets, including changes in consumer
confidence, changes in the level of housing starts, declines in
employment levels, inflation and changes in the demand and prices of new
homes and resale homes in the market; (ii) a slower economic rebound
than anticipated, coupled with persistently high unemployment and
additional foreclosures; (iii) estimates related to homes to be
delivered in the future (backlog) are imprecise as they are subject to
various cancellation risks which cannot be fully controlled; (iv) a
substantial increase in mortgage interest rates, increased disruption in
the availability of mortgage financing or a change in tax laws regarding
the deductibility of mortgage interest; (v) factors affecting margins
such as decreased land values underlying lot option agreements,
increased land development costs on communities under development or
delays or difficulties in implementing initiatives to reduce production
and overhead cost structure; (vi) our cost of and ability to access
capital and otherwise meet our ongoing liquidity needs including the
impact of any downgrades of our credit ratings or reductions in our
tangible net worth or liquidity levels; (vii) our ability to comply with
covenants in our debt agreements or satisfy such obligations through
repayment or refinancing; (viii) increased competition or delays in
reacting to changing consumer preference in home design; (ix) shortages
of or increased prices for labor, land or raw materials used in housing
production; (x) additional asset impairment charges or writedowns; (xi)
the cost and availability of insurance and surety bonds; (xii) delays in
land development or home construction resulting from adverse weather
conditions; (xiii) potential delays or increased costs in obtaining
necessary permits and possible penalties for failure to comply with
laws, regulations and governmental policies; (xiv) effects of changes in
accounting policies, standards, guidelines or principles; or (xv)
terrorist acts, acts of war and other factors over which the Company has
little or no control. Under the terms of the land banking arrangement,
GSO retains the right to approve the terms of each land parcel
acquisition. Accordingly, there can be no assurance that all or
any portion of the
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time and it is not possible for management to predict all such factors.
Source:
Beazer Homes USA, Inc.
Carey Phelps, 770-829-3700
Director,
Investor Relations & Corporate Communications
investor.relations@beazer.com
or
Blackstone
Peter
Rose, 212-583-5871
Senior Managing Director, Global Public Affairs