Taylor Morrison Communities, Inc. and Monarch Communities Inc.
(together, the “Issuers”), which are indirect subsidiaries of Taylor
Morrison Home Corporation (NYSE: TMHC) (“TMHC”), today announced that
they have priced their offering of $350.0 million aggregate principal
amount of senior notes due 2024 (the “Senior Notes”), which represents
an increase of $50.0 million from the $300.0 million proposed offering
that was previously announced. The Senior Notes will bear interest at a
rate of 5.625% per annum, payable semi-annually in cash, in arrears, on
each March 1 and September 1, beginning on September 1, 2014.
The closing of the offering of the Senior Notes is expected to occur on
March 5, 2014 and is conditioned on customary closing conditions. The
Issuers plan to use the net proceeds from the Senior Notes for general
corporate purposes, including land acquisition and development.
The Senior Notes will be unsecured and guaranteed on a senior unsecured
basis by the same subsidiaries of TMHC that guarantee the existing 5.25%
Senior Notes due 2021 and 7.75% Senior Notes due 2020 of the Issuers.
The Senior Notes will be offered to qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”), and to persons outside of the United States in
compliance with Regulation S under the Securities Act. The issuance and
sale of the Senior Notes have not been registered under the Securities
Act, and the Senior Notes may not be offered or sold in the United
States absent registration or an applicable exemption from registration
requirements.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the Senior Notes, nor shall there be any
offer, solicitation or sale of any Senior Notes in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release contains forward-looking statements. You should not
place undue reliance on those statements because they are subject to
numerous uncertainties and factors relating to the Issuers’ operations
and business environment, all of which are difficult to predict and many
of which are beyond the Issuers’ control.
Copyright Business Wire 2014