Beazer Homes USA prepays $50 million of two-year secured term loan

By Tali Rackner

Norfolk, Va., Aug. 1 – Beazer Homes USA, Inc. said it has prepaid $50 million of its two-year secured term loan, leaving an outstanding principal balance of $72.5 million and bringing year-to-date debt reduction to over $121 million, according to a press release.

The prepayment follows the company’s fiscal third quarter earnings release, in which it announced its intention to accelerate its deleveraging goals. It now intends to reduce debt by $150 million in fiscal 2016 and a total of at least $250 million through fiscal 2018, the release said.

“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,” chief financial officer Robert Salomon said in the release.

“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.”

Beazer is a single-family homebuilder based in Atlanta.

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