Dream Finders Homes updates post-merger capital plan for Beazer deal
DFH•Post-merger capital structure outlined
Dream Finders Homes agreed to merge its subsidiary Bulldogs Merger Sub into Beazer Homes, leaving Beazer as a wholly owned unit.
Post-deal capital structure outlined: $1.5 billion unsecured revolving credit facility, expandable to $2 billion under an accordion feature.
Senior unsecured notes projected at about $1.3 billion, including planned redemption of Beazer’s 7.25% senior notes due 2029 ($350 million).
Beazer’s 7.5% senior notes due 2031 and 8% senior notes due 2032 could face a 101% change-of-control repurchase offer if not waived.
Redeemable preferred stock expected near $675 million, including about $450 million tied to the merger financing.
