Beazer Homes USA, Inc. (NYSE: BZH) announced the closing of a $400 million offering of 8.000% Senior Unsecured Notes due 2032, according to a press release from the Atlanta-based homebuilder.

The notes were sold in a private offering exempt from registration under the Securities Act of 1933, available only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.

The company said net proceeds will be used primarily to redeem its outstanding 5.875% Senior Notes due 2027, of which $357.3 million in aggregate principal remains outstanding and matures on October 15, 2027. Any remaining proceeds will be applied to general corporate purposes.

Beazer noted it cannot assure that the redemption of the 2027 notes will be completed on the terms currently contemplated, if at all.