Homebuilder Prices Secondary Offering
Homebuilder Beazer Homes USA Inc. (NYSE: BZH) today priced a secondary offering of 22 million shares of common stock at $2.90/share, a discount of about 2.7% from last night’s closing price of $2.98/share. The company also priced an offering of…
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The company expects net proceeds of about $60.1 million from the stock offering and $96.5 million. Beazer said that it will use the proceeds “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.”
Beazer noted that it will apply to list the tangible equity units on the NYSE under the symbol ‘BZT”, but gave no further details on its listing plans.
The company’s shares are down -3.7% in the early afternoon today at $2.87 in a 52-week range of $1.35-$3.98.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.