4th Mar 2009 13:30
Taylor Wimpey plc
Update on financing discussions
Further to the Company's announcement on 13 January, we remain in discussions with our debt providers, including the providers of our bank facilities, our private placement noteholders, and bondholder committees representing approximately 70% of the principal amount of each of the 2012 and 2019 Eurobonds.
These discussions are at an advanced stage and continue on a constructive basis with all debt providers being supportive of the Company. The Company now expects to successfully conclude this process in April, following the completion of a formal 3 week bondholder approval process, rather than during March as previously indicated.
The coordinators of the Company's bank facilities have indicated that, based on the progress made to date, they are supportive of a further deferral of the financial covenants testing date from 31 March to accommodate this revised timetable.
We will announce our Preliminary Results for the year ended 31 December 2008 following the completion of the financing process in April and will provide further information on progress to the market as appropriate.
For further information please contact:
|
Taylor Wimpey plc |
Tel: +44 (0) 20 7355 8109 |
|
Pete Redfern, Group Chief Executive |
|
|
Chris Rickard, Group Finance Director |
|
|
Jonathan Drake, Investor Relations |
|
|
Finsbury |
Tel: +44 (0) 20 7251 3801 |
|
Faeth Birch |
Related Shares:
Taylor Wimpey