Beazer greenshoe exercised, equity units increase to $115 million

By Ashley Montgomery

Kansas City, Kan., July 18 - Beazer Homes USA, Inc. said the underwriters of its offering of 7.5% tangible equity units exercised their 600,000 units over-allotment option in full.

The greenshoe brings the total number of units to 4.6 million and the issue size to $115 million from $100 million.

The registered tangible equity units are comprised of a prepaid stock purchase contract and a 6% senior amortizing note due July 15, 2015. The principal amount of each note is $5.1086.

Unless settled earlier, each purchase contract will automatically settle on July 15, 2015. Holders will receive a number of shares equal to $25.00 divided by the average of the daily closing stock prices over 20 trading days.

The issue priced July 10.

Beazer is a single-family homebuilder based in Atlanta.

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