ATLANTA--(BUSINESS WIRE)--Aug. 1, 2016--
Beazer Homes USA, Inc. (NYSE: BZH) (the “Company”) announced today that
it has prepaid an additional $50 million of its 2-year Secured Term
Loan, leaving an outstanding principal balance of $72.5 million and
bringing year to date debt reduction to over $121 million. The
prepayment of the Term Loan follows the Company’s fiscal third quarter
earnings release, in which it announced its intention to accelerate its
deleveraging goals. The Company now intends to reduce debt by $150
million in fiscal 2016 and an aggregate of at least $250 million through
fiscal 2018.
“We continue to move forward with our balanced growth approach, which
includes improving profitability and reducing leverage as we progress
toward our “2B-10” goals,” said Robert Salomon, Beazer Homes Chief
Financial Officer. Mr. Salomon continued, “This prepayment of the Term
Loan allows us to reduce debt and interest expense, eliminate near-term
principal payments and accelerate our progress toward an unsecured
capital structure.”
About Beazer Homes USA, Inc.
Headquartered in Atlanta, Beazer Homes is a geographically
diversified homebuilder with active operations in 13 states within three
geographic regions in the United States. The Company’s homes meet or
exceed the benchmark for energy-efficient home construction as
established by ENERGY STAR® and are designed with Choice Plans to meet
the personal preferences and lifestyles of its buyers. In addition, the
Company is committed to providing a range of preferred lender choices to
facilitate transparent competition between lenders and enhanced customer
service. The Company’s active operations are in the following states:
Arizona, California Delaware, Florida, Georgia, Indiana, Maryland,
Nevada, North Carolina, South Carolina, Tennessee, Texas and Virginia.
Beazer Homes is listed on the New York Stock Exchange under the ticker
symbol “BZH.”
View source version on businesswire.com: http://www.businesswire.com/news/home/20160801005664/en/
Source: Beazer Homes USA, Inc.
Beazer Homes USA, Inc.
David I. Goldberg, 770-829-3700
Vice
President of Treasury and Investor Relations
investor.relations@beazer.com