Taylor Morrison gives final tally of tenders for 6 5/8% notes due 2027

By Marisa Wong

Los Angeles, July 13 – Taylor Morrison Home Corp.’s indirect subsidiary Taylor Morrison Communities, Inc. announced the final results of its tender offer to purchase for cash any and all of its $290.4 million outstanding 6 5/8% senior notes due 2027 (Cusip: 87724RAG7).

The offer expired at midnight ET at the end of July 12.

Holders had tendered an additional $849,000 of notes after the early deadline and at or prior to the expiration time, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, holders had tendered $264,111,000, or 90.95%, of the notes as of the early deadline at 5 p.m. ET on June 27. The company purchased those notes on June 29 at $1,000 per $1,000 principal amount, inclusive of a $30 early tender payment.

Noteholders who tendered after the early deadline will receive $970 per $1,000 of notes. Final settlement is expected to occur on July 14.

The company also paid or will pay accrued interest to the applicable settlement date.

In connection with the tender offer, the issuer also solicited from holders consents to proposed amendments to the notes’ indenture to shorten the minimum notice period for optional redemption of the notes to “at least three business days and no more than 60 days” from “at least 15 days but not more than 60 days” and eliminate some covenants and events of default.

Adoption of the proposed amendments required consents from holders of a majority of the aggregate principal amount of notes outstanding.

Because the required consents had been received, the issuer and the guarantors executed and delivered a supplemental indenture to the trustee.

Citigroup Global Markets, Inc. (800 558-3745 or 212 723-6106) is the dealer manager and solicitation agent.

Global Bondholder Services Corp. (212 430-3774 or 866 470-4200 or contact@gbsc-usa.com) is the depositary and the information agent.

Taylor Morrison is a Scottsdale, Ariz.-based homebuilder and developer.

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