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Taylor Morrison -3.6% with offering coming at discount

Jan. 11, 2018 7:05 PM ETTaylor Morrison Home Corporation (TMHC) StockTMHCBy: Jason Aycock, SA News Editor
  • Taylor Morrison (NYSE:TMHC) is 3.6% lower after hours after Bloomberg reports that an offering of 19.21M shares is expected to come in at $27.40-$28 per share.
  • That's a discount of 1.44%-3.56% from today's close of $28.41.
  • The shares are being offered by Taylor Morrison (17.7M shares) and shareholder TPG (1.5M shares). TMHC expects to use proceeds to buy partnership units in its direct subsidiary, and class B shares held by TPG and Oaktree Capital.
  • Separately it will buy back 3.75M partnership units and corresponding class B shares from equity sponsors.

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