In its next step toward making over the company's financial structure, Beazer Homes USA has announced plans to register $750 million worth of securities.
Beazer executives said they don't have any particular plan to issue the securities now, but the filing serves as a notice that "we do intend to be active in the next couple of years," CFO Allan Merrill said at a recent investor conference.
The shelf securities registry covers more than common stock, it also could include debt securities, subordinated debt securities, preferred stock, depositary shares, warrants, rights, stock purchase contracts, and stock purchase units.
The company has been busy restructuring its considerable pile of debt, paying off some of it and pushing the due dates for other loans back by several years.
Over the summer, it bought back $269.3 million in senior note debt at a discount for $189.5 million, extinguishing $75 million in debt. It also paid off some notes it had in a joint venture at a reduced rate, gaining $14.2 million.
To replace that debt with longer-term debt, Beazer sold $250 million of senior notes with 12% interest rates that are due to be paid back in 2017.