Atlanta-based Beazer Homes USA announced today that it has prepaid an additional $50 million of its two-year Secured Term Loan, leaving an outstanding principal balance of $72.5 million and bringing year to date debt reduction to over $121 million. The prepayment of the Term Loan follows the Company’s fiscal third quarter earnings release, in which it announced its intention to accelerate its deleveraging goals.
Beazer now intends to reduce debt by $150 million in fiscal 2016 and an aggregate of at least $250 million through fiscal 2018.
“We continue to move forward with our balanced growth approach, which includes improving profitability and reducing leverage as we progress toward our “2B-10” goals,” said Robert Salomon, Beazer Homes CFO said in a press release. Mr. Salomon continued, “This prepayment of the Term Loan allows us to reduce debt and interest expense, eliminate near-term principal payments and accelerate our progress toward an unsecured capital structure.”
