SCOTTSDALE, Ariz., Sept. 3, 2020 /PRNewswire/ -- Taylor
Morrison Home Corporation (NYSE: TMHC), the nation's fifth largest
homebuilder, today announced its August
2020 net sales orders performance and a cash paydown of
approximately $187 million of senior
notes, underscoring that strong demand for housing continues
despite the pandemic.
Following strong Q2 performance, which included the company's
best sales month on record, Taylor Morrison finished August with
net sales orders up 74 percent year-over-year. Average sales pace
per community for August was up more than 50 percent
year-over-year.
Taylor Morrison will also deliver notices of redemption to the
holders of all remaining 6.000% Senior Notes due 2023 and 5.875%
Senior Notes due 2025 issued by its subsidiaries, which together
represent an aggregate principal amount of approximately
$187 million. These actions follow
the partial paydown of the same set of notes in July and brings the
Company's total debt reduction to approximately $335 million, or 12 percent, since the close of
its acquisition of William Lyon
Homes on Feb. 6, 2020.
"Despite the many challenges this year has presented businesses,
consumers and the economy at large, we continue to see incredible
resiliency among Taylor Morrison's homebuyers who are eagerly
searching for their new home," said Taylor Morrison Chairman and
CEO Sheryl Palmer. "With more than
60 percent growth in our average sales pace through the first two
months of the third quarter, we are encouraged by the strength in
demand and even more delighted that it extends across our diverse
customer groups. What's more, our strong liquidity position makes
the paydown of the remaining balances of our 2023 and 2025 notes
possible and represents another step in our commitment to the
stewardship of our balance sheet."
About Taylor Morrison
Taylor Morrison Home Corporation (NYSE: TMHC) is a leading
national homebuilder and developer that has been recognized as the
2016-2020 America's Most Trusted® Home Builder by Lifestory
Research. Based in Scottsdale,
Arizona we operate under three well-established brands,
Taylor Morrison, Darling Homes and William Lyon Signature. We serve
a wide array of consumer groups from coast to coast, including
first-time, move-up, luxury, and active adult buyers. In
Texas, Darling Homes builds
communities with a focus on individuality and custom detail while
delivering on the Taylor Morrison standard of excellence. We also
have an exclusive partnership with Christopher Todd Communities, a
growing Phoenix-based developer of
innovative, luxury rental communities to operate a "Build-to-Rent"
homebuilding business.
For more information about Taylor Morrison, Darling Homes and
William Lyon Signature, please visit www.taylormorrison.com or
www.darlinghomes.com.
CONTACT: Investor Relations
Taylor Morrison Home Corporation
(480) 734-2060
investor@taylormorrison.com
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SOURCE Taylor Morrison