Mandatory redemption payments
05/06/09
Taylor Wimpey plc (the 'Company')
Mandatory redemption payments to be made to the holders of the
£250,000,000 11.175% Bonds due 2012 (ISIN: XS0142298685) (the '2012 Bonds') and the holders of the £200,000,000 10.925% Bonds due 2019 (ISIN: XS0193226965) (the '2019 Bonds') on 8 June 2009 (such holders, together, the 'Bondholders')
Following the completion on 1 June 2009 of the placing and open offer announced by the Company on 8 May 2009, in accordance with the terms and conditions of the Supplemental Trust Deeds applicable to the 2012 Bonds and the 2019 Bonds (in each case, the 'Conditions'), payments of £42,159,765.92 in aggregate and £35,191,084.30 in aggregate are expected to be made to the holders of the 2012 Bonds and the holders of the 2019 Bonds, respectively, on 8 June 2009.
Following the mandatory redemption payments referred to above, for each £1,000 in principal amount of the 2012 Bonds or, as the case may be, the 2019 Bonds which was originally outstanding, approximately £835.42 of principal will remain outstanding.
In addition to the mandatory redemption payments referred to above, in accordance with the Conditions, the Company intends to make voluntary redemption payments to the Restructuring Agent (as defined in the Conditions) on or about 9 June 2009 (as part of the prepayment and/or cancellation of, in total, approximately £70 million in respect of principal and/or commitments relating to certain of the Company's debt facilities). The aggregate amount of such voluntary redemption payments to be applied in payment to the Bondholders is to be determined by the Restructuring Agent and, as soon as practicable after such determination has been made, the Company will confirm the proportionate entitlement of the Bondholders and the expected date of payment.
-ends-
For further information please contact:
Taylor Wimpey plc Tel: +44 (0) 7816 517 039
Pete Redfern, Group Chief Executive
Chris Rickard, Group Finance Director
Jonathan Drake, Investor Relations
Finsbury Tel: +44 (0) 20 7251 3801
James Murgatroyd
Faeth Birch
This information is provided by RNS
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