Taylor Morrison to price $425 million 8.5-year bullet on Thursday

By Paul A. Harris

Portland, Ore., July 18 – Taylor Morrison Communities, Inc. plans to sell $425 million of 8.5-year senior bullet notes (existing ratings Ba3/BB) in a Thursday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial price talk is 5 7/8% to 6%, a trader said.

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

BofA Securities Inc., Comerica Securities and TCB Capital Markets are the co-managers.

The Rule 144A and Regulation S for life notes are callable at par three months prior to maturity but are otherwise non-callable.

The Scottsdale, Ariz.-based homebuilder plans to use the proceeds, along with cash on hand, to redeem its senior notes due 2022.

© 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.