Taylor Morrison to price $350 million eight-year bullet Wednesday

By Paul A. Harris

Portland, Ore., April 1 – Taylor Morrison Communities, Inc. and Taylor Morrison Holdings II, Inc. plan to price a $350 million offering of non-callable eight-year senior notes on Wednesday following a mid-morning conference call with investors, according to a syndicate source.

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

Comerica, Friedman Billings Ramsay, HSBC Securities and Wells Fargo Securities LLC are the co-managers.

The Rule 144A for life notes will mature in 2024 and feature a par call three months prior to maturity but are otherwise non-callable. They also feature a 101% poison put.

The notes come with covenants, which are the same as those of the company’s existing 5 5/8% notes due 2024.

The Scottsdale, Ariz., homebuilder plans to use the proceeds, together with cash on hand, to call its 7¾% senior notes due 2020.

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