By Paul A. Harris
St. Louis, June 1 - Beazer Homes USA priced an upsized $275 million issue of 10-year senior notes (Ba1/BB) at par to yield 8 1/8% in a quick-to-market Thursday transaction, according to a syndicate source.
The yield came on the wide end of the 8% to 8 1/8% price talk.
UBS Investment Bank and Citigroup were joint bookrunners for the Rule 144A issue. The co-managers were BNP Paribas, Deutsche Bank Securities, JP Morgan, The Royal Bank of Scotland and Wachovia Securities.
Proceeds will be used to repay revolving credit facility debt and for general corporate purposes.
The issue was upsized from $250 million.
The issuer is an Atlanta-based home builder.
| Issuer: | Beazer Homes USA
|
| Amount: | $275 million (increased from $250 million)
|
| Maturity: | June 15, 2016
|
| Security description: | Senior notes
|
| Bookrunners: | UBS Investment Bank, Citigroup
|
| Co-managers: | BNP Paribas, Deutsche Bank Securities, JP Morgan, The Royal Bank of Scotland, Wachovia Securities
|
| Coupon: | 8 1/8%
|
| Price: | Par
|
| Yield: | 8 1/8%
|
| Spread: | 302 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 basis points
|
| Trade date: | June 1
|
| Settlement date: | June 6
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A
|
| Price talk: | 8% to 8 1/8%
|
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