Beazer Homes USA, Inc. $350 Million Notes Offering and Concurrent Cash Tender Offer and Consent Solicitation
Davis Polk advised the joint book-running managers in connection with an offering by Beazer Homes USA, Inc. of $350 million aggregate principal amount of its 7.250% notes due 2029.
Davis Polk also advised the dealer manager in connection with Beazer Homes USA, Inc.’s concurrent cash tender offer to purchase any and all of the $500 million aggregate principal amount of its outstanding 8.750% senior notes due 2022 and concurrent consent solicitation to amend the indenture governing such notes. The concurrent cash tender offer is funded with the proceeds of the notes offering together with cash on hand and borrowings under a new senior unsecured term loan facility.
Headquartered in Atlanta, Georgia, Beazer Homes USA, Inc. is a geographically diversified homebuilder which offers homes at a range of price points in Arizona, California, Delaware, Florida, Georgia, Indiana, Maryland, Nevada, North Carolina, South Carolina, Tennessee, Texas and Virginia.
The Davis Polk corporate team included partners Michael Kaplan and Yasin Keshvargar and associates Joseph S. Payne and Edward Peck. Partner Mario J. Verdolini and associate Liang Zhang provided tax advice. All members of the Davis Polk team are based in the New York office.