Beazer falls after saying it will sell stock and equity units to raise money for investments
Associated Press – 1 hour 13 minutes ago.. .
http://finance.yahoo.com/news/beazer-homes-falls-stock-unit-161626532.html
NEW YORK (AP) -- Beazer Homes tumbled in Tuesday afternoon trading after the homebuilder began a sale of stock and equity units.
THE SPARK: After the market closed Monday, Beazer said it will sell $75 million in stock and 3 million equity units. The units are made up of a prepaid stock purchase contract and an unsecured senior note due in 2015. The underwriters of the offering will have options to buy an additional $11.3 million in stock and 450,000 equity units to cover any over allotments.
THE BIG PICTURE: Beazer said it expects about $100 million in net proceeds from the offering and the Atlanta company said it is seeking opportunities to invest in land in Florida, California, Texas, North Carolina, and Arizona, some areas where values have dropped drastically. The equity units will trade on the New York Stock Exchange under the ticker symbol "BZT."
In early May, Beazer reported a smaller second-quarter loss and said new home orders grew 29 percent and its backlog of orders increased. However cancelations also increased.
SHARE ACTION: Shares of Beazer Homes USA Inc. lost 31 cents, or 9.3 percent, to $3.06 in midday trading. The stock is up 37.4 percent since June 1.
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