SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of
Report: February 7, 2007
BEAZER
HOMES USA, INC.
(Exact
name of registrant as specified in its charter)
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DELAWARE
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001-12822
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54-2086934
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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1000
Abernathy Road, Suite 1200
Atlanta,
Georgia 30328
(Address
of Principal
Executive
Offices)
(770)
829-3700
(Registrant's
telephone number, including area code)
None
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
1.01. Entry
into a Material Definitive Agreement
Effective
February 7, 2007, Beazer Mortgage Corporation (“Beazer Mortgage”), a subsidiary
of Beazer Homes USA, Inc. (the “Company”), amended (the “Second Amendment”) its
364-day mortgage warehouse line credit facility (the “Credit Facility”) to
extend the maturity date to February 6, 2008 and to modify the maximum
available
borrowing capacity to $100 million (expandable to $200 million), subject
to
compliance with the mortgage loan eligibility requirements as provided
in the
Second Amendment.
The
Credit Agreement contains customary representations, warranties and covenants,
including covenants limiting liens, indebtedness, guaranties, mergers and
consolidations, substantial asset sales, investments and loans, sale and
leasebacks, restrictions on dividends and distributions and other fundamental
changes. In addition, the Credit Agreement contains covenants including
maintenance of (i) minimum Consolidated Tangible Net Worth and Consolidated
Adjusted Tangible Net Worth (as defined in the Credit Agreement), (ii)
a Total
Debt to Adjusted Tangible Net Worth Ratio (as defined in the Credit Agreement)
of not more than 12 to 1, and (iii) Consolidated Net Income (as defined
in the
Credit Agreement) of at least $1.00 for the trailing twelve-month
period.
The
Credit Facility is secured by certain mortgage loans held for sale and
related
property and is not guaranteed by the Company or any of its subsidiaries
that
are guarantors of other indebtedness of the Company. The Second Amendment
is
attached as Exhibit 10.1 hereto and is incorporated herein by reference.
The
above description is qualified in its entirety by reference to Exhibit
10.1.
Item
2.03. Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet
Arrangement
The
disclosure contained in Item 1.01 is incorporated herein by
reference.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
| 10.1 |
Second
Amendment to Credit Agreement dated as of February 7, 2007,
by and among
Beazer Mortgage Corporation as Borrower, the Lenders party
thereto,
Guaranty Bank as Agent, JPMorgan Chase Bank, N.A. as Syndication
Agent and
U.S. Bank National Association as Documentation
Agent
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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BEAZER
HOMES USA INC.
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Date:
February 9, 2007
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By:
/s/
James O’Leary
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James O’Leary
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Executive Vice President and Chief Financial
Officer
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