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Taylor Morrison Completes IPO and Two Other Transactions
- Client News
- April 12, 2013
Paul, Weiss client Taylor Morrison Home Corporation, a leading builder of single-family detached and attached homes and developer of lifestyle and master-planned communities, closed the initial public offering of approximately 32.8 million shares of its Class A common stock at an initial offering price of $22.00 per share, which included the sale of approximately 4.3 million shares pursuant to the exercise in full of the underwriters' over-allotment option. The sale of the Class A common stock yielded approximately $679.5 million in net proceeds. At the initial public offering price, the company has a market capitalization of approximately $2.7 billion. The shares of Class A common stock are listed on the New York Stock Exchange under the ticker symbol "TMHC."
In addition, on April 16, Taylor Morrison closed a Rule 144A / Regulation S offering of $550 million aggregate principal amount of 5.25% senior notes due 2021. In connection with the IPO, the company also amended and restated its $225 million secured Revolving Credit Facility to put in place a new $400 million unsecured Revolving Credit Facility.
The Paul, Weiss team representing Taylor Morrison included, among others, corporate partner John Kennedy; finance partner Thomas de la Bastide; employee benefits partner Robert Fleder and counsel Erin Murphy; tax partner David Mayo; real estate partner Mitchell Berg; and intellectual property partner Charles Googe.