Beazer Homes buys back $384.8 million of notes during fiscal 2009

By Angela McDaniels

Tacoma, Wash., Nov. 10 - Beazer Homes USA, Inc. said it repurchased $384.8 million of senior notes during fiscal 2009, which ended Sept. 30.

The total purchase price was $247.7 million, or an average of 64.4, resulting in a $130.2 million pre-tax gain on early extinguishment of debt, according to the company's earnings release.

The repurchases were all made during the second half of the year and included:

• $52.7 million of Beazer's 8 5/8% senior notes due 2011;

• $36.4 million of its 8 3/8% senior notes due 2012;

• $35.6 million of its 6½% senior notes due 2013;

• $140.5 million of its 6 7/8% senior notes due 2015;

• $94.1 million of its 8 1/8% senior notes due 2016; and

• $25.5 million of its convertible senior notes due 2024.

All the repurchased notes were canceled, according to the company's 10-K report for the year filed with the Securities and Exchange Commission on Tuesday.

During the fiscal fourth quarter, the company repurchased $269.3 million of senior notes for $189.5 million, or an average of 70.4, resulting in a $75.0 million pre-tax gain on early extinguishment of debt.

The company also negotiated a reduced payoff of one of its secured notes payable relating to a joint venture that was previously consolidated by Beazer, resulting in a $14.3 million pre-tax gain on early extinguishment of debt.

According to the earnings release, the company plans to file an S-3 universal shelf registration with the SEC covering senior debt securities, subordinated debt securities, common stock, preferred stock, depositary shares, warrants, rights, stock purchase contracts and stock purchase units.

Beazer is an Atlanta-based homebuilder.

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