Taylor Morrison’s $525 Million Notes Offering and $500 Million Tender Offer

Davis Polk advised the representative of the initial purchasers and the dealer manager in connection with transactions involving Taylor Morrison Communities, Inc., a wholly owned subsidiary of Taylor Morrison Holdings, Inc. The transactions comprised a Rule 144A/Regulation S offering by Taylor Morrison Communities, Inc. of $525 million aggregate principal amount of its 5.750% senior notes due 2032. The notes are senior unsecured obligations of Taylor Morrison Communities, Inc. and are guaranteed on a senior unsecured basis by Taylor Morrison Holdings, Inc., Taylor Morrison Home III Corporation and certain of TMHI’s existing and future subsidiaries. Davis Polk also advised the dealer manager in connection with a concurrent cash tender offer by Taylor Morrison Communities, Inc. for an aggregate purchase price of approximately $490 million, plus accrued interest, of the company’s 5.875% senior notes due 2027. The net proceeds of the senior notes offering, together with cash on hand, were used to fund the cash tender offer and to redeem certain other series of outstanding notes. Taylor Morrison, headquartered in Scottsdale, Arizona, is one of the nation’s leading homebuilders and developers, serving first-time, move-up, luxury and resort lifestyle homebuyers and renters under brands including Taylor Morrison, Esplanade and Yardly. Davis Polk represented the representative of the initial purchasers and the dealer manager with a team composed by: partner Michael Kaplan and associates Dennis Chu, Kanger Jin and Yusuke Tsuzuki (capital markets team); counsel Loyti Cheng and associates Timothy J. Sullivan and David Sacasa-Ospina (environmental team); and counsel Tracy L. Matlock and associate Nancy B. Regan (tax team).

Taylor Morrison’s $525 Million Notes Offering and $500 Million Tender Offer

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