By Jennifer Chiou
New York, June 21 - Beazer Homes USA, Inc. sold $103.1 million of trust preferred securities in a private placement via Beazer Homes Capital Trust I, according to an 8-K filing with the Securities and Exchange Commission.
Beazer issued $103.1 million of unsecured junior subordinated notes due July 30, 2036 to the trust.
According to the filing, the notes are redeemable at par on or after July 30, 2011 and pay interest at a fixed rate of 7.987% for the first 10 years ending July 30, 2016 and then at a variable rate of three-month Libor plus 245 basis points.
The Atlanta-based single-family homebuilder completed the private placement on June 15.
JPMorgan Chase Bank, NA is the trustee.
| Issuer: | Beazer Homes USA, Inc.
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| Issue: | Unsecured junior subordinated notes underlying trust preferred securities
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| Amount: | $103.1 million
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| Maturity: | July 30, 2036
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| Coupon: | 7.987% for the 10 years; three-month Libor plus 245 bps thereafter
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| Call: | July 30, 2011 onwards at par
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| Settlement date: | June 15
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| Trustee: | JPMorgan Chase Bank, NA
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