Beazer Homes (BZH) Amends Note Indentures Ahead of Merger with Dream Finders

What Happened

• Beazer Homes USA Inc. filed an 8-K on Sept. 18, 2026 announcing it entered into supplemental indentures to amend the indentures for its outstanding senior notes in connection with its planned merger with Dream Finders Homes, Inc. The amendments change the defined term “Change of Control” so the Merger will not constitute a Change of Control under the note agreements once the amendments become operative.
• The company executed supplemental indentures for its 8.000% Senior Notes due 2032 and its 7.500% Senior Notes due 2031. The consent solicitation by Dream Finders to approve these amendments expired Sept. 15, 2026 (extended to Sept. 17, 2026 for the 2032 notes), and the supplemental indentures became effective upon execution. The amendments will become operative after the consent fee is paid for each series, which is expected to occur substantially concurrently with the closing of the merger.

Key Details

• Notes amended: 8.000% Senior Notes due 2032 and 7.500% Senior Notes due 2031.
• Supplemental indentures executed: September 18, 2026; trustee: Regions Bank.
• Consent solicitation: conducted by Dream Finders; expired Sept. 15, 2026 (extended to Sept. 17 for 2032 notes); requisite consents were received.
• Amendments effective upon payment of consent fee, expected to be paid around the Merger closing under the Aug. 6, 2026 Merger Agreement.

Why It Matters

• For investors, the amendment means the announced merger will not trigger a “Change of Control” under the amended indentures once the consent fees are paid and the amendments become operative. That affects certain noteholder protections and rights (for example, change‑of‑control provisions that can require repurchase or other remedies).
• The filing signals the company and acquiror secured creditor approval steps needed to complete the merger and aligns the debt documents with the planned transaction; monitor the merger closing and any related payments or further disclosures for final effect.