ATLANTA--(BUSINESS WIRE)--Mar. 11, 2016--
Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com)
(the “Company”) announced today that it has called for redemption of its
Senior Notes due 2016 and entered into a Credit Agreement with a group
of institutions that will provide a $140 million 2-year Secured Term
Loan. The Term Loan is secured with a second-priority security interest
on a pari passu basis with the collateral securing the Company’s
Senior Secured Notes due 2018. The Term Loan will amortize with equal
quarterly principal payments and carries a floating interest rate based
on the London Interbank Offered Rate (LIBOR) plus 550 basis points. MCS
Capital Markets, an affiliate of KKR Capital Markets, acted as sole lead
arranger for this transaction.
“We remain committed to retiring approximately $100 million of debt in
fiscal 2016. The Term Loan provides the flexibility to reduce our debt
on a pace more in line with the seasonal cash generation of our
business,” said Bob Salomon, Beazer Homes Executive Vice President and
Chief Financial Officer. Mr. Salomon further noted, “We continue to
pursue a balanced growth approach, as we progress toward our “2B-10”
goals while simultaneously reducing debt.”
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.” For more info visit Beazer.com, or check out Beazer on
Facebook and Twitter.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160311005470/en/
Source: Beazer Homes USA, Inc.
Beazer Homes USA, Inc.
David Goldberg, 770-829-3700
Director,
Investor Relations & Corporate Communications
investor.relations@beazer.com