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Beazer Homes details early results of notes tender offers

Beazer Homes USA Inc. said the aggregate principal amounts of its 5.75% senior notes due 2019 and 7.25% senior notes due 2023 tendered in its cash tender offers exceeded the maximum tender amounts as of the Oct. 6 early deadline.

In particular, roughly $313.0 million of the 2019 notes and about $184.0 million of the 2023 notes were tendered in the offers. As such, the company said it will only accept for purchase on the Oct. 10 early settlement date $225 million of the 2019 notes and $175 million of the 2023 notes, which equate to the maximum tender amounts in the offers.

The total consideration, including the early tender payment of $30.00 per $1,000 principal amount of the notes but excluding accrued interest, will be $238.5 million for the 2019 notes and roughly $184.2 million for the 2023 notes.

The tender offers will expire Oct. 23 at midnight ET.

Credit Suisse Securities (USA) LLC is the dealer manager for the tender offers, and D.F. King & Co. Inc. is the tender and information agent.