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Taylor Wimpey may make repurchases of two variable-rate bond series
By Jennifer Chiou
New York, Nov. 23 - Taylor Wimpey plc said it is possible that it will repay a portion of its original £250 million of variable-rate bonds due 2012 and its £200 million of variable-rate bonds due 2019 using proceeds from a £250 million offering of five-year senior notes and new credit facilities.
Under the terms of the company's financing arrangements, half of the proceeds from any issue of debt securities must be applied toward a mandatory prepayment of debt, including the bonds.
The London-based homebuilder said that the amount of bonds that may be repurchased will depend on the final amount of net proceeds raised.
The company added that it intends to follow any mandatory prepayments with the redemption of the bonds at the full voluntary redemption price together with accrued interest.
Assuming that the net proceeds of the financing amount to £1.2 billion and a redemption date of Dec. 14, the company said that estimates that it would prepay £62.9 million of the £201.5 million of outstanding variable-rate bonds due 2012 and £50.3 million of the £161.2 million of outstanding variable-rate bonds due 2019.
As stated above, remaining amounts would be repaid on a voluntary basis.
Taylor Wimpey said that there is no guarantee that any prepayment or redemption of the bonds will be made.
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