Taylor Morrison starts roadshow for $500 million eight-year notes

By Paul A. Harris

Portland, Ore., March 26 - Taylor Morrison Communities, Inc. and Monarch Communities, Inc. began a roadshow on Monday for a $500 million offering of eight-year senior notes, according to a syndicate source.

The deal is set to price late this week or early in the April 2 week.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and HSBC are the joint bookrunners.

The Rule 144A for life notes come with three years of call protection and feature a three-year 40% equity clawback and a 101% poison put.

The Scottsdale, Ariz.-based homebuilder plans to use the proceeds to refinance bank debt and increase its cash balance.

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