Taylor Morrison to redeem portion of senior notes via common stock IPO

By Tali David

Minneapolis, April 1 - Taylor Morrison Home Corp. plans to redeem some senior notes with the proceeds of a common stock initial public offering, according to a press release.

More specifically, the company plans to use about $195 million of the proceeds to purchase ownership interests in its direct operating subsidiary and to finance the redemption of a portion of the senior notes issued and guaranteed by its other subsidiaries.

The company also intends to use about $275 million of the proceeds of the offering, together with cash on hand, to purchase additional ownership interests in its direct operating subsidiary held by its current equity sponsors and some of its officers and directors.

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

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