M&A
confidence high
sentiment neutral
materiality 0.75
Dream Finders Homes details post-merger capital structure for Beazer acquisition
Dream Finders Homes, Inc.
- Expects $1.5B revolver with $25M letter-of-credit sub-facility, expandable to $2.0B.
- ~$1.3B senior notes after redeeming Beazer's 7.250% notes due 2029 ($350M principal).
- Notes include DFH's 8.250% due 2028 and 6.875% due 2030 ($600M) plus Beazer 7.500% 2031 and 8.000% 2032 ($650M).
- Expects $80M junior subordinated notes and $675M redeemable preferred stock; plans to redeem Series A Convertible Preferred ($150M liquidation preference).
- Financing terms subject to change; company expects covenant compliance post-close as of June 30, 2026.