Taylor Wimpey expects to complete financing talks in April; banks support covenant test date deferral

By Caroline Salls

Pittsburgh, March 4 - Taylor Wimpey plc said it expects to complete financing talks with its debt providers in April following the completion of a formal three-week bondholder approval process, according to a company news release.

The company said it is in the advanced stage of discussions with the providers of its bank facilities, its private placement noteholders and committees representing holders of about 70% of the principal amount of its 2012 and 2019 eurobonds.

In addition, Taylor Wimpey said the coordinators of its bank facilities have indicated that, based on the progress made to date, they support deferring the company's financial covenants testing date beyond March 31 to accommodate the revised discussion timetable.

The company said it will announce preliminary results for the year ended Dec. 31 following the completion of the financing process in April.

Taylor Wimpey is a London-based homebuilding company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.