Notice to Bondholders

RNS Number : 7147W

Taylor Wimpey PLC

24 November 2010

 



24 November 2010

TAYLOR WIMPEY PLC - NOTICE TO THE HOLDERS OF THE £250,000,000 VARIABLE RATE BONDS DUE 2012 (ISIN: XS0142298685) AND £200,000,000 VARIABLE RATE BONDS DUE 2019 (ISIN: XS0193226965)

We refer to the £250 million Variable Rate Bonds due 2012 and the £200 million Variable Rate Bonds due 2019 issued by Taylor Wimpey plc (together the "Bonds") and to our announcement of 23 November 2010 in relation to the possible mandatory and voluntary redemptions of the Bonds following completion of the proposed £250 million senior notes offering (the "offering"). 

Following discussions with the global co-ordinators of the offering and following representations received during the day on 23 November 2010 from holders of the Bonds in relation to their possible participation in the offering, the Company has decided that on successful conclusion of the offering the amount that will be paid on prepayment of all of the Bonds will be the full applicable Voluntary Redemption Price for the relevant Bonds together with accrued interest and applicable Deferred Amounts and capitalised PIK amounts.  On the basis of the assumptions set out in the Company's announcement of 23 November 2010, the Company estimates, by way of indication only, that in relation to the £250 million Variable Rate Bonds due 2012 the effective redemption price would be c.107% and in relation to the £200 million Variable Rate Bonds due 2019 the effective redemption price would be c.121%.

In order to comply with Condition 4(8) of the terms and conditions of each of the Bonds, the initial utilisation of each of the new £950 million credit facility and the new £100 million fund facility will continue to be by way of notes which constitute debt securities. 

This notice is not a redemption notice.  The calculated redemption prices given are for guidance only and may change significantly if any of the amounts, dates or rates assumed turn out to be different at the relevant time.   There is no guarantee that any prepayment or redemption of the Bonds will be made as this will be contingent on completion of the proposed financing, including successful completion of the offering.

For further information please contact:

Taylor Wimpey plc                                                    Tel: [phone]

Peter Redfern, Group Chief Executive

Ryan Mangold, Group Finance Director

Jonathan Drake, Investor Relations

Finsbury                                                                   Tel: [phone]

Faeth Birch

Andrew Dowler

 

END

 

 

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