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Taylor Morrison discloses results of exchange offers for William Lyon notes

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Taylor Morrison discloses results of exchange offers for William Lyon notes

Taylor Morrison Home Corp. outlined preliminary results of the offers to exchange certain series of notes issued by William Lyon Homes unit William Lyon Homes Inc. for up to $1.09 billion of newly issued Taylor Morrison Communities Inc. notes.

As of Dec. 18, about $323.8 million of the 6.00% notes due 2023; about $421.4 million of the 5.875% notes due 2025; and about $290.4 million of the 6.625% notes due 2027 were tendered.

The exchange offers are part of Taylor Morrison's pending acquisition of William Lyon Homes in a $2.4 billion cash-and-stock deal, including debt.

Eligible holders will receive an additional $2.50 in cash for each $1,000 principal amount of the notes.

The offers will expire at 12:01 a.m. ET on Jan. 6, 2020, unless terminated. The settlement date for the offers will coincide with the completion of the merger, which is expected in the late first quarter or early second quarter of 2020.

Global Bondholder Services Corp. is the exchange and information agent.