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Beazer Homes Announces Offer and Consent Solicitation for Any and All of its 8.75% Senior Notes Due 2022

Nachrichtenquelle: Business Wire (engl.)
10.09.2019, 13:19  |  191   |   |   

Beazer Homes USA, Inc. (NYSE: BZH) (the “Company”) announced today that it has commenced a cash tender offer (the “Offer”) for any and all of its $500 million aggregate principal amount of outstanding 8.75% Senior Notes due 2022 (the “Notes”). The Company concurrently announced that it is soliciting consents (together with the Offer, the “Offer and Consent Solicitation”) from holders of the Notes to amend the indenture governing the Notes (the “Indenture”) to eliminate substantially all of the restrictive covenants and certain events of default and shorten the minimum notice period required for optional redemptions by the Company from 15 calendar days to two calendar days (the “Consents”).

To the extent any Notes are not purchased through the Offer and Consent Solicitation, the Company currently intends to effect the redemption of such Notes and satisfy and discharge the Indenture as soon as practical after the early settlement date of the Offer and Consent Solicitation, which is expected to be September 24, 2019.

Information related to the Notes and the Offer and Consent Solicitation is set forth in the table below.

Title of Security

 

CUSIP

 

Outstanding
Aggregate Principal
Amount

 

Tender Offer
Consideration(1)(2)

 

Consent
Payment(1)

 

Total
Consideration(1)(2)(3)

8.750% Senior
Notes due 2022
 

07556QBP9

 

$500,000,000.00

 

$1,016.25

 

$30

 

$1,046.25

           

(1) Per $1,000 principal amount of Notes validly tendered and accepted.

(2) Accrued Interest will be paid in addition to the Total Consideration or the Tender Offer Consideration, as applicable.

(3) Includes Tender Offer Consideration and Consent Payment.

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