Beazer Homes USA receives default notices over delayed Q3 filing
Beazer Homes USA, Inc. (NYSE: BZH) announced before the opening bell that it received default notices from the U.S. Bank National Association, which governs some of the homebuilder’s senior notes. The notices accuse Beazer of defaulting because the company has not yet filed its third quarter report for the three months ended June 30 with regulatory officials.
In a press release, Beazer said the company does not believe it is in default under the indentures governing its outstanding senior notes because the indentures require only that Beazer deliver to the trustee copies of Beazer’s SEC reports within 15 days after such reports are actually filed.
Beazer says the delayed quarterly filing is due to an ongoing internal investigation of the company’s board of directors. Georgia-based Beazer has filed an action in Atlanta’s U.S. District Court against the trustee seeking a legal declaration against the trustee that the delay in filing does not constitute a default.
In pre-market trading, shares of the small-cap are down 6.05%, or $0.66, at $10.25. Over the last 52 weeks, shares have ranged $8.10 and $48.60.
