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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: June 26, 2003
BEAZER HOMES USA, INC.
(Exact name of registrant as specified in its charter)
| DELAWARE (State or other jurisdiction of incorporation) |
001-12822 (Commission File Number) |
54-2086934 (IRS Employer Identification No.) |
5775 Peachtree Dunwoody Road, Suite B-200
Atlanta Georgia 30342
(Address of Principal Executive Offices)
(404) 250-3420
(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last report)
On June 24, 2003, Beazer Homes USA, Inc. (the "Company") issued the press release attached hereto as exhibit 99.1 and made a part hereof announcing that the Company has completed the previously announced redemption of all of its $100 million 8.875% Senior Notes due 2008 and expects to record a pre-tax charge of approximately $7.6 million (approximately $0.34 per share, after tax) during the quarter ending June 30, 2003 related to the redemption of the notes and the refinancing of its existing term loan. For additional information, please see the press release.
Item 7. Financial Statements and Exhibits.
- (c)
- Exhibits
- 99.1
- Press release issued June 24, 2003.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BEAZER HOMES USA, INC. | ||||
Date: June 26, 2003 |
By: |
/s/ DAVID S. WEISS David S. Weiss Executive Vice President and Chief Financial Officer |
||
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SIGNATURES
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Exhibit 99.1
| Press Release For Immediate Release |
Beazer Homes Completes Redemption of $100 Million Senior Notes;
Anticipates Charge Related to Retirement
Atlanta, Georgia, June 24, 2003—Beazer Homes USA, Inc. (NYSE: BZH) (www.beazer.com) today announced that it has completed the previously announced redemption of all of its $100 million 8.875% Senior Notes due 2008 (the "2008 Notes") at 104.438% of the principal amount, plus accrued interest. During the quarter ending June 30, 2003, the Company expects to record a pre-tax charge of approximately $7.6 million (approximately $0.34 per share, after tax) related to the redemption of the 2008 Notes and the refinancing of its existing term loan, which increased the principal amount of the term loan from $100 million to $200 million and extended the maturity from December 2004 to June 2007. The refinancing of the 2008 Notes reduces the Company's borrowing costs by approximately $6 million per year, based upon current borrowing rates under its new term loan.
Beazer Homes USA, Inc., based in Atlanta, Georgia, is one of the country's ten largest single-family homebuilders with operations in Arizona, California, Colorado, Delaware, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas and Virginia. Beazer Homes also provides mortgage origination, title and insurance services to its homebuyers.
| Contact: | David S. Weiss Executive Vice President and Chief Financial Officer (404) 250-3420 dweiss@beazer.com |
Note: |
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors include, but are not limited to changes in general economic conditions, fluctuations in interest rates, increases in raw materials and labor costs, levels of competition and other factors described in the Company's Annual Report for the year ended September 30, 2002. |
Beazer Homes Completes Redemption of $100 Million Senior Notes; Anticipates Charge Related to Retirement