Taylor Morrison to price $475 million eight-year bullet on Tuesday; initial talk low 6% area

By Paul A. Harris

Portland, Ore., May 21 – Taylor Morrison Communities Inc. plans to price a $475 million offering of eight-year senior bullet notes (existing ratings Ba3/BB) in a quick-to-market Tuesday trade following a mid-morning conference call with investors, according to market sources.

Initial talk has the notes pricing with a yield in the low 6% area, a trader said.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The Scottsdale, Ariz.-based homebuilder plans to use the proceeds, together with cash on hand, to redeem its 5¼% notes due 2021.

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