| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item |
Taylor Wimpey redeems two variable-rate note series at less than par
By Susanna Moon
Chicago, Dec. 16 - Taylor Wimpey plc said it redeemed all of its £250 million of variable-rate bonds due 2012 and its £200 million of variable-rate bonds due 2019.
The notes due 2012 were called at 86.04287360, and the notes due 2019 were called at 98.34127600.
The redemption date for both series was Dec. 14.
As previously reported, the company said it might repay a portion of the bonds using proceeds from a £250 million offering of five-year senior notes and £1.05 billion of new credit facilities.
On Nov. 24, Taylor Wimpey estimated the redemption prices at 107 for the bonds due 2012 and 121 for the bonds due 2019.
These amounts were equal to the full voluntary redemption prices for the bonds plus accrued interest, applicable deferred amounts and capitalized PIK amounts, according to a previous company news release.
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 it planned to offer to buy back additional bonds on a voluntary basis once it completed any mandatory prepayments.
© 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.