First redemption notice for 2
7 December 2010
TAYLOR WIMPEY PLC
(incorporated with limited liability in England and Wales with registration number 00296805)
(the "Issuer")
NOTICE TO THE HOLDERS OF £250,000,000 VARIABLE RATE BONDS DUE 2012 (ISIN: XS0142298685) (THE "BONDS")
Voluntary redemption payments to be made to the holders of
the Bonds (the "Bondholders")
The Issuer hereby gives notice that, in accordance with Condition 7(3) of the terms and conditions applicable to the Bonds (as set out in the relevant Supplemental Trust Deed dated 30 April 2009 (the "STD")), it will redeem all of the Bonds on 14 December 2010 at a price equal to the Voluntary Redemption Price (as part of the prepayment and/or cancellation of all outstanding amounts (including capitalised amounts) and available commitments under the Issuer's existing debt facilities). The Redemption Date will be 14 December 2010. All capitalised terms used in this notice have the meanings applicable to them in the STD, except where otherwise defined.
In accordance with Condition 7(17) of the terms and conditions applicable to the Bonds, interest in respect of the principal to be redeemed shall accrue to but excluding 14 December 2010 (being the date upon which the Restructuring Agent will receive the payments referred to above, on account of the Bondholders, prior to such payments in turn being made to the Bondholders).
The Bonds will be redeemed at the applicable Voluntary Redemption Price. In accordance with the terms and conditions applicable to the Bonds this will be calculated as the greater of:
(i) the principal amount of the Bonds; and
(ii) that price expressed as a percentage rounded to three decimal places (0.0005 being rounded down) (as reported in writing to the Issuer and the Trustee by a financial adviser approved by the Trustee) at which the Gross Redemption Yield on the Bonds on the Calculation Date (applying the Original Rate and the Interest Payment Dates which would have been applicable pursuant to Condition 5(1) as at 24th May 2004 for this purpose) is equal to the Gross Redemption Yield at 3.00 p.m. (London time) on that date of 5 per cent. Treasury Stock 2012 (or, where such financial adviser advises the Trustee in writing that, for reasons of illiquidity or otherwise, such stock is not appropriate for such purpose, such other government stock as such financial adviser may recommend).
For these purposes, "Calculation Date" means the date which is the second business day in London prior to the date of redemption and "Gross Redemption Yield" means a yield calculated on the basis set out by the United Kingdom Debt Management Office in the paper "Formulae for Calculating Gilt Prices from Yields" page 4, Section One: Price/Yield Formulae "Conventional Gilts; Double-dated and Undated Gilts with Assumed (or Actual) Redemption on a Quasi-Coupon Date" (published 8/6/1998). The Issuer will confirm the government stock used for the purposes of the calculation and the applicable Voluntary Redemption Price as soon as practicable after such calculation has been made.
Each Bondholder will additionally be entitled to receive, for each £1,000 in original nominal amount of the Bonds held by such Bondholder, the following amounts:
|
Interest accrued in respect of the principal to be redeemed (per £1,000 of original nominal amount) |
£13.61881624 |
|
Capitalised amounts (per £1,000 of original nominal amount) |
£4.7132 |
Entitlements in respect of £1,000 in principal amount of Bonds will be rounded downwards, if necessary, to the nearest penny.
Following the voluntary redemption payments referred to above no amount of principal will remain outstanding.
This notice is given by:
Taylor Wimpey plc
(Company number 00296805)
80 New Bond Street
London, W1S 1SB
7 December 2010
For further information please contact:
Taylor Wimpey plc Tel: +44 (0) 20 7355 8109
Pete Redfern, Group Chief Executive
Ryan Mangold, Group Finance Director
Jonathan Drake, Investor Relations
Finsbury Tel: +44 (0) 20 7251 3801
Faeth Birch
Andrew Dowler
This information is provided by RNS
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