Beazer Homes Announces Call For Redemption of its Series A Cumulative Convertible Exchangeable Preferred Stock
- Holders may convert each share of Preferred Stock into 1.312336 shares of the Company's common stock (the "Common Stock"). Based upon the closing price of the Common Stock on April 16, 1999 ($23.675), holders who elect to convert their Preferred Stock would receive Common Stock valued at $31.07.
- Holders may redeem their shares for $26.25 per share of Preferred Stock plus $0.428 accrued and unpaid dividends to the redemption date for a total redemption price of $26.678. Holders who elect to redeem their shares on May 19, 1999 will receive $26.678 per share in cash payable on or about May 20, 1999.
The Company has appointed First Chicago Trust Company of New York ("First Chicago") as both its conversion and redemption agent. Holders of the Preferred Stock will be notified by First Chicago Trust Company of New York regarding redemption procedures.
Holders who elect to convert their shares into Common Stock will receive their shares of Common Stock immediately upon appropriate submission of their Preferred Stock to First Chicago as outlined in the Letter of Transmittal provided to all holders of Preferred stock.
Beazer Homes USA, Inc., based in Atlanta, Georgia, is one of the country's ten largest single family homebuilders, with operations in Arizona, California, Florida, Georgia, Maryland, Nevada, New Jersey, North Carolina, South Carolina, Tennessee, Texas and Virginia.