Taylor Morrison Home Corp Completes Merger; Modifies Notes and Credit

What Happened

• Taylor Morrison Home Corporation (via indirect subsidiary Taylor Morrison Communities, Inc.) completed the previously announced merger with Berkshire Hathaway Inc., with the merger consummated on July 24, 2026. In connection with the Merger, the Issuer entered into three supplemental indentures and an amendment to its credit agreement to adjust reporting and covenant terms.
• On July 23, 2026 the Issuer executed supplemental indentures for its three outstanding note series (effective July 24, 2026 upon Merger and payment of a consent fee): the Eighth Supplemental Indenture for the 5.75% Senior Notes due 2028, the Sixth Supplemental Indenture for the 5.125% Senior Notes due 2030, and the Second Supplemental Indenture for the 5.75% Senior Notes due 2032. Separately, on July 20, 2026 the Issuer entered Amendment No. 1 to its Second Amended and Restated Credit Agreement (effective with the Merger).

Key Details

• Notes affected: 5.75% Senior Notes due 2028; 5.125% Senior Notes due 2030; 5.75% Senior Notes due 2032. Supplemental indentures became operative July 24, 2026.
• Reporting change: so long as the Notes are guaranteed by the Parent (post‑merger acquiror), the Issuer will no longer be required to provide separate financial or other information to noteholders and will satisfy reporting via the Parent’s public filings; if the guarantee is not in place, certain Issuer reporting requirements are eliminated.
• Covenant change: the merger covenant’s asset-transfer test is now measured by the consolidated assets of a direct or indirect parent guarantor of the Notes (rather than measured against consolidated assets of TMH).
• Credit agreement amendment: Amendment No. 1 (dated July 20, 2026) adds the Parent as a “Permitted Holder,” excluding the Parent from the group whose acquisition of TMHC voting stock would otherwise trigger a change of control under the credit agreement.

Why It Matters

• For bondholders: the amendments change what financial information noteholders will receive (they may rely on the Parent’s public filings instead of separate Issuer reports) and alter how certain merger/asset-transfer covenants are measured — both affect oversight and covenant mechanics for the Notes.
• For lenders and shareholders: excluding the Parent as a triggering party under the credit agreement reduces the risk that the Merger itself would cause a technical change‑of‑control default under that facility.
• The filing also includes a joint press release by Berkshire Hathaway Inc. and Taylor Morrison announcing the closing of the Merger (Exhibit 99.1), and the supplemental indentures and credit amendment are attached as exhibits to the 8‑K for review.