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Things may be turning brighter for homebuilder Taylor Morrison. The nation's sixth largest homebuilder announced it is doubling the size of its Initial Public Offering.
Originally, Taylor Morrison expected to raise $250 million, but now "following this offering, we expect to opportunistically raise up to an additional $500.0 million of debt capital to help fund the growth of our business," said the company in a filing with the Securities and Exchange Commission.
The Arizona-based company, founded by U.K.-based Taylor Wimpey and sold two years ago, plans to list on the New York Stock Exchange under the symbol TMHC.
The company is confident in its growth potential.
"Because a significant portion of our land supply was purchased at low price points during the recent downturn in the housing cycle and because our entire land inventory was adjusted to fair market value, we expect to continue our revenue growth and strong gross margin performance in our U.S. communities," the filing states.
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