MERRILL ALLAN P sold (to issuer) 1,572,441 shares of BZH

Dream Finders Homes completed a $2.2B acquisition of Beazer Homes USA, becoming the 6th largest homebuilder in the U.S. The all-cash deal valued Beazer at $2.2B, with shareholders receiving $33.50 per share. Dream Finders plans to integrate Beazer's communities, reduce costs, and increase earnings per share by a double-digit percentage in the first year, according to the company.

S&P downgraded Dream Finders Homes (DFH) to 'B+' from 'BB-' after its $2.2B acquisition of Beazer Homes, citing increased debt and macroeconomic pressures. DFH's debt-to-EBITDA ratio is expected to exceed 5x through 2028. Despite the downgrade, S&P upgraded Beazer to 'B+' and assigned DFH a stable outlook, anticipating improved leverage management. The acquisition expands DFH's market scale and geographical reach, with pro forma revenues of $6.2B.

Beazer Homes (BZH) repaid and terminated a 2022 credit agreement with JPMorgan Chase and redeemed $350M of 7.250% Senior Notes due 2029. The moves follow the company's merger, simplifying its capital structure and removing higher-cost debt.

BEAZER HOMES USA INC (BZH) filed an SEC Form 8-K — Completion of Acquisition or Disposition of Assets. Item 1.02 Termination of a Material Definitive Agreement. On the Closing Date, in connection with the consummation of the Merger, all outstanding obligations due under the Credit Agreement, dated as of October 13, 2022 (as amended, restated or otherwise modified from time to time

Dream Finders Homes (NYSE:DFH) completed its $2.2B acquisition of Beazer Homes, paying $33.50 per share. The combined entity is now the 6th-largest U.S. homebuilder. Dream Finders expects $100M in annual cost synergies and double-digit EPS accretion in year one, aiming to improve leverage metrics within 18-24 months.

Beazer Homes stockholders approved a $2.2B acquisition by Dream Finders, expected to close on Oct. 20, 2026. Beazer shareholders will receive $33.50 per share. The deal will create the nation's sixth-largest homebuilder by volume, operating in 26 markets.