Taylor Morrison noteholders tender 90.95% of bonds by early deadline

Chicago, June 28 – Taylor Morrison Home Corp. announced the early results for subsidiary Taylor Morrison Communities, Inc.’s tender offer to purchase for cash any and all of its $290.4 million outstanding 6 5/8% senior notes due 2027 (Cusip: 87724RAG7) in a press release on Tuesday.

As of the early deadline at 5 p.m. ET on June 27, noteholders had tendered $264,111,000, or 90.95%, of the outstanding notes.

The issuer was offering a total consideration of $1,000 per $1,000 principal amount, inclusive of an early tender payment of $30 per $1,000 of notes tendered by the early tender deadline and accepted for purchase.

Noteholders tendering after the early deadline will only receive $970 per $1,000 principal amount of notes.

Interest will also be paid to the applicable settlement date.

In connection with the tender offer, the issuer is also soliciting from holders consents to proposed amendments to the notes’ indenture to shorten the minimum notice period for optional redemption of the notes to “at least three business days and no more than 60 days” from “at least 15 days but not more than 60 days” and eliminate some covenants and events of default.

In order for the proposed amendments to be adopted, consents had to be received for a majority of the aggregate principal amount of the notes outstanding (excluding any notes owned by the issuer or any guarantor, or by any person directly or indirectly controlled by the issuer or any guarantor).

Because the required consents have been received, the issuer and the guarantors executed and delivered a supplemental indenture to the trustee.

The proposed amendments are expected to become operative on the early settlement date.

Early settlement will be on June 29. The revocation deadline has passed.

The tender offer and consent solicitation will expire at midnight ET at the end of July 12.

Citigroup Global Markets, Inc. (800 558-3745 or 212 723-6106) is the dealer manager and solicitation agent.

Global Bondholder Services Corp. (212 430-3774 or 866 470-4200 or contact@gbsc-usa.com) is the depositary and the information agent.

Taylor Morrison is a Scottsdale, Ariz.-based homebuilder and developer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.