Dream Finders Homes (DFH) has disclosed its expected pro forma capital structure following the planned merger with Beazer Homes USA, Inc. The company anticipates having approximately $1.3 billion in senior notes, $675 million in redeemable preferred stock, and will maintain its $1.5 billion credit facility.

Key Details

  • Senior Notes: The company expects to have approximately $1.3 billion in senior unsecured notes outstanding, which includes assuming $650 million of Beazer's notes and the planned redemption of Beazer's $350 million notes due 2029.
  • Preferred Stock: DFH anticipates having approximately $675 million of redeemable preferred stock outstanding post-merger. This includes a new issuance of approximately $450 million for the merger and $225 million to refinance its existing Series A Convertible Preferred Stock.
  • Credit Facility: The company will maintain its existing $1.5 billion unsecured revolving credit facility, which includes an accordion feature allowing for an increase up to $2.0 billion.
  • Other Debt: DFH expects to assume approximately $80 million of Beazer's existing junior subordinated notes.