Taylor Morrison Home Corporation Announces Pricing of Public Offering of Class A Common Stock and Additional Concurrent Repurchase from its Equity Sponsors
The offering consists of 17,706,924 shares of Class A common stock to be issued and sold by Taylor Morrison and an additional 1,499,732 shares of Taylor Morrison's Class A common stock to be sold by affiliates of and funds managed by
Taylor Morrison intends to use all of the net proceeds that it receives from the offering to purchase partnership units in its direct subsidiary -
In addition, in a separate privately negotiated transaction, Taylor Morrison agreed to purchase an additional 3,750,000 partnership units and corresponding shares of Class B common stock from the equity sponsors at a purchase price per unit equal to the price per share paid by the underwriters for the Class A common stock in the public offering. The consummation of the unit repurchase from the equity sponsors is subject to certain conditions, including the consummation of the public offering.
Following the completion of the transactions described above, the equity sponsors will no longer beneficially own any of the Company's common stock. As a result, our equity sponsors will no longer be entitled to any designees on the Company's board of directors, and the Company expects that
An effective shelf registration statement relating to such shares of Class A common stock has been filed with the
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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. The offering may only be made by means of a prospectus supplement and related prospectus.
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 public offering and unit repurchase described above, Taylor Morrison's operations and business environment, market conditions and other factors, all of which are difficult to predict and many of which are beyond Taylor Morrison's control.
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SOURCE Taylor Morrison