New Issue: Taylor Morrison prices upsized $550 million eight-year notes at par to yield 5¼%

By Paul A. Harris

Portland, Ore., April 11 - Taylor Morrison Home Corp. subsidiaries Taylor Morrison Communities, Inc. and Monarch Communities Inc. priced an upsized $550 million issue of eight-year senior notes (B2/BB-/) at par to yield 5¼% on Thursday, according to a market source.

The deal was upsized from $500 million and was priced on the investment-grade desk.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and HSBC Securities are the joint bookrunners.

The Scottsdale, Ariz.-based homebuilder plans to use the proceeds for general corporate purposes.

Issuers:	Taylor Morrison Communities, Inc. and Monarch Communities Inc.
Amount:	$550 million, increased from $500 million
Maturity:	April 15, 2021
Securities:	Senior notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, HSBC Securities
Co-managers:	CIBC World Markets, FBR, RBC Capital Markets
Coupon:	5¼%
Price:	Par
Yield:	5¼%
Spread:	345 bps
Call protection:	Non-callable
Make-whole:	Treasuries plus 50 bps
Trade date:	April 11
Settlement date:	April 16
Ratings:	Moody's: B2
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S
Marketing:	Quick to market

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