Beazer Homes to price $75 million public offering of common stock

Offering with 15% greenshoe will fund land investments in five states

By Toni Weeks

San Diego, July 9 - Beazer Homes USA Inc. said it will price a $75 million public offering of its common stock, according to a press release. There is a 15% 30-day greenshoe to cover over-allotments.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Deutsche Bank Securities Inc. and UBS Securities LLC are serving as the joint bookrunners, and KKR Capital Markets LLC and Moelis & Co. LLC are serving as co-managers.

The company also announced it has concurrently priced $75 million of three-year tangible equity units, or 3 million units at $25 per unit, with a 15% greenshoe. The registered tangible equity units are comprised of a prepaid stock purchase contract and a senior amortizing note due 2015.

Proceeds are expected to be used for growth capital, including about $100 million for potential land investments in Florida, California, Texas, North Carolina and Arizona, and for general corporate purposes, including the repayment of outstanding debt.

Beazer is an Atlanta-based homebuilder.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.