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Subsequent Events | 9 Months Ended
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Jun. 30, 2012
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events In July 2012, in an effort to further strengthen our balance sheet and to better participate in the emerging housing recovery, we completed underwritten public offerings of 22 million shares of Beazer common stock at $2.90 per share and 4.6 million 7.50% tangible equity units and a private placement of $300 million of 6.625% senior secured notes. Net of underwriting discounts and estimated legal, accounting and other offering expenses, we expect net proceeds of approximately $466 million (without giving effect to any proceeds that may in the future be received by the Company upon the underwriters' exercise of the option to purchase up to an additional 3.3 million shares of common stock to cover over-allotments). Immediately after the common stock transaction, the Company had approximately 123 million shares of common stock outstanding. Concurrently with the debt offering, we called for redemption of all $250 million outstanding of our 12% senior secured notes due 2017 and repaid $20 million of our outstanding cash secured term loan. Net cash used for these redemptions, including payment of accrued interest and the contractual call premium is approximately $300 million. We intend to use the remainder of the proceeds from these offerings to fund an expansion in our new home community count and for general corporate purposes, including the repayment of outstanding indebtedness. We expect our annualized interest expense to decrease by approximately $15 million related to the above refinancing of our 12% senior secured notes.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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