SCOTTSDALE, Ariz., May 21, 2019 /PRNewswire/ -- Taylor Morrison
Home Corporation (NYSE: TMHC)("TMHC") today announced that Taylor
Morrison Communities, Inc. (the "Issuer") has priced its previously
announced offering of senior notes due 2027 (the "Senior
Notes"). The size of the notes offering was increased from
$475.0 million to $500.0 million aggregate principal amount of
Senior Notes. The Senior Notes will bear interest at a rate
of 5.875% per annum, payable semi-annually in cash, in arrears, on
each June 15 and December 15, beginning on December 15, 2019.
The closing of the offering of the Senior Notes is expected to
occur on June 5, 2019 and is
conditioned on customary closing conditions. The Issuer plans to
use the net proceeds of this offering together with cash on hand to
redeem its 5.25% Senior Notes due 2021 (the "2021 Notes"). The
Issuer today delivered a notice of conditional redemption to
holders of the 2021 Notes stating that the entire outstanding
principal amount of such notes will be redeemed on June 20, 2019 provided that the issuance of the
Senior Notes has then been completed.
The Senior Notes will be unsecured and guaranteed on a senior
unsecured basis by the same subsidiaries of TMHC that guarantee, or
are co-issuers of, the Issuer's existing 5.875% Senior Notes due
2023 and 5.625% Senior Notes due 2024.
The Senior Notes will be offered to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as
amended (the "Securities Act"), and to persons outside of
the United States in compliance
with Regulation S under the Securities Act. The issuance and sale
of the Senior Notes have not been registered under the Securities
Act, and the Senior Notes may not be offered or sold in
the United States absent
registration or an applicable exemption from registration
requirements.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Senior Notes, nor shall there
be any offer, solicitation or sale of any Senior Notes in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Forward-Looking Statements
This press release contains forward-looking statements. You
should not place undue reliance on those statements because they
are subject to numerous uncertainties and factors relating to
TMHC's operations and business environment, all of which are
difficult to predict and many of which are beyond TMHC's
control.
CONTACT: Investor Relations
Taylor Morrison Home Corporation
(480) 734-2060
investor@taylormorrison.com
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SOURCE Taylor Morrison