Taylor Morrison Home Corporation Announces Pricing of Initial Public Offering

Taylor Morrison Home Corporation Announces Pricing of Initial Public Offering

SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Taylor Morrison Home Corporation (NYSE: TMHC  ) today announced the pricing of its initial public offering of 28,572,000 shares of the Company’s Class A common stock at a price to the public of $22.00 per share. The shares will be listed on the New York Stock Exchange and will trade under the ticker symbol “TMHC” beginning on April 10, 2013. The underwriters also have a 30-day option to purchase up to an additional 4,285,800 shares of the Company’s Class A common stock at the initial public offering price less the underwriting discount. The offering is expected to close on April 12, 2013.

Total net proceeds to the Company from the offering, after deducting the underwriting discount, will be approximately $590.9 million. The Company intends to use approximately $204.3 million of the net proceeds to purchase ownership interests in its direct operating subsidiary whose subsidiaries will then use those proceeds to redeem approximately $189.6 million of their outstanding senior notes. The Company intends to use the remaining approximately $386.6 million of the net proceeds, together with cash on hand, to purchase additional ownership interests in its direct operating subsidiary from its current equity sponsors and certain members of management.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and Zelman Partners LLC are acting as joint book-running managers for the offering.

The offering of these securities was made only by means of a prospectus, copies of which may be obtained from the offices of:

Credit Suisse Securities (USA) LLC
Attn: Prospectus Department
One Madison Avenue
New York, NY 10010-3629
(800) 221-1037

Citigroup Global Markets Inc.
Attention: Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
(800) 831-9146

Deutsche Bank Securities Inc.
Attention: Prospectus Group
60 Wall Street
New York, New York 10005-2836
(800) 503-4611

Goldman, Sachs & Co.
Attn: Prospectus Department
200 West Street
New York, NY 10282
(866) 471-2526

J.P. Morgan Securities LLC
Attention: Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
(866) 803-9204

A registration statement relating to the common shares has been filed with, and declared effective by, the Securities and Exchange Commission. This press release does not constitute an offer to sell, or the solicitation of an offer to buy the securities described above, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Taylor Morrison

Headquartered in Scottsdale, Arizona, Taylor Morrison (NYSE: TMHC  ) operates in the U.S. under the Taylor Morrison and Darling Homes brands and in Canada under the Monarch brand. Taylor Morrison is a homebuilder and land developer building single-family detached and attached homes and serving a wide array of customers from first-time buyers and move-up families to luxury and active adult customers. Taylor Morrison divisions operate in Arizona, California, Colorado, Florida and Texas. Darling Homes serves move-up families and luxury homebuyers in Texas. Monarch, Canada's oldest homebuilder builds homes for first-time buyers and move-up families in Toronto and Ottawa as well as high rise condominiums in Toronto.

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 Company's operations and business environment, all of which are difficult to predict and many of which are beyond the Company's control.

Taylor Morrison Home Corporation
Calvin Boyd
Corporate Treasurer
(480) 734 -2060

KEYWORDS:   United States  North America  Arizona


Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2354879, ~/Articles/ArticleHandler.aspx, 10/9/2015 5:16:57 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...