Beazer Pre-Owned Rental Homes Announces $190 Million Credit Facility
PHOENIX -- September 4, 2013
Beazer Pre-Owned Rental Homes, Inc. today announced that its REIT operating
subsidiaries have entered into a new revolving credit facility of $190
million. The credit facility will be used for the acquisition and renovation
of single-family homes and other general corporate purposes.
“The facility will be used to expand our portfolio of recently built homes in
attractive markets,” said Patrick R. Whelan, President and Chief Executive
Officer of Beazer Pre-Owned Rental Homes, Inc. “This financing evidences our
ability to access and secure institutional debt capital, and also illustrates
confidence by our syndicate in both our business model and single-family
rental homes as an asset class. We look forward to working with our bank
partners as we execute our strategies going forward,” Mr. Whelan stated.
The facility’s initial syndicate consists of BofA Merrill Lynch, which is
serving as sole lead arranger, KeyBank National Association, which is serving
as syndication agent and East West Bank.
Based in Phoenix, Arizona, Beazer Pre-Owned Rental Homes, Inc. is an
internally managed REIT that acquires, refurbishes, leases and manages
single-family homes on a large-scale in select U.S. markets. The Company was
founded in 2012 by Beazer Homes USA, Inc. (NYSE:BZH), one of the largest
single-family homebuilders in the U.S., and includes an investor group led and
arranged by affiliates of Kohlberg Kravis Roberts & Co.
Beazer Pre-Owned Rental Homes, Inc.
Chief Financial Officer
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