Beazer Homes USA, Inc. Announces Proposed Public Offerings of Common Stock and Tangible Equity Units ($BZH)
Another homebuilder equity sale announced after hours:
The Company is offering $75 million of its common stock and 3,000,000 (equal to $75 million) of its tangible equity units in the concurrent offerings. The units are comprised of a prepaid stock purchase contract and an unsecured senior amortizing note due 2015.No position. The BZH bonds seem to trade at lower yields (tighter) than the HOV bonds.
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The Company intends to use the net proceeds from these concurrent offerings for growth capital, including for approximately $100 million of potential land investments in Florida, California, Texas, North Carolina and Arizona, and for general corporate purposes, including the repayment of outstanding indebtedness.
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