Beazer Homes USA obtains $450 million credit facility

By Sara Rosenberg

New York, June 3 - Beazer Homes USA Inc. closed on a $450 million credit facility consisting of a $250 million four-year revolver and a $200 million four-year term loan. Bank One was the agent and Banc One Capital Markets Inc. was the lead arranger and sole bookrunner.

Other participating banks include BNP Paribas, Guaranty Bank, SunTrust Bank and Wachovia Bank as syndication agents; Comerica Bank, PNC Bank and Washington Mutual Bank as co-agents; and AmSouth Bank, BankUnited, FSB, Fifth Third Bank, Indiana, KeyBank NA and Compass Bank as participants.

The revolver renews and extends the company's $250 million revolver that was set to expire in September 2004. The term loan replaces the $100 million term loan that was set to expire in December 2004.

A portion of the proceeds from the new term loan will be used to redeem the company's existing 8.875% senior notes due 2008.

"We are extremely pleased to announce our new revolving credit facility and term loan. Under the leadership of Bank One, this facility provides us with significant liquidity and enhances our very strong financial position. We are also pleased that we are able to take advantage of the current lower interest rate environment and retire the 2008 notes," said David S. Weiss, executive vice president and chief financial officer, in a news release.

Beazer Homes USA is an Atlanta single-family homebuilder.

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