Dream Finders Homes is moving to restructure $650 million in Beazer Homes debt after completing its acquisition of the national homebuilder on Oct. 20.

The Jacksonville-based company announced Oct. 22 that it launched private exchange offers for two series of Beazer's outstanding senior notes: $250 million in 7.500% notes due 2031 and $400 million in 8.000% notes due 2032, according to a company press release. Dream Finders said it is conducting the exchange to simplify its capital structure.

The offer gives eligible holders a chance to swap their Beazer notes for newly issued Dream Finders notes. Holders who tender by 5 p.m. New York City time on Wednesday, Nov. 4, qualify for an early participation premium: $50 in additional principal on the new notes plus $1 in cash for every $1,000 in Beazer notes exchanged.

Those who miss that deadline can still participate through the Nov. 20 expiration date but will receive only $950 in Dream Finders notes per $1,000 in Beazer notes, without the cash payment.

The exchange is open only to qualified institutional buyers and non-U.S. investors under securities law exemptions. It is not conditioned on any minimum amount of notes being tendered.

Alongside the exchange, Dream Finders is soliciting consent from noteholders to eliminate most of the restrictive covenants and default provisions in Beazer's existing bond agreements. Holders who tender their notes automatically consent to those changes.

Dream Finders, which trades on the New York Stock Exchange under the ticker DFH, is the Official Home Builder of the PGA Tour. As we reported Oct. 21, the company closed its acquisition of Beazer Homes. The exchange offer is the next step in integrating Beazer's financial obligations under the Dream Finders name.

D.F. King & Co., Inc. is serving as exchange agent. Holders seeking eligibility information can reach the firm at (866) 796-6867 or at dfking.com/dfh. The withdrawal deadline for tendered notes is also Nov. 4.