Pricing of £250 million senio
25 November 2010
TAYLOR WIMPEY PLC - PRICING OF £250 MILLION SENIOR NOTES OFFERING
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, DISTRIBUTE OR PUBLISH THIS DOCUMENT
Taylor Wimpey plc announces pricing of £250 million senior notes offering due 2015
Further to the announcement of a senior notes offering on 22 November 2010, Taylor Wimpey plc announces that it has today priced a new issue of £250 million 10.375% senior notes due 31 December 2015 (ISIN: XS0565386231) (the "Notes") at an issue price of 100% of the principal amount of the Notes, with settlement expected to take place into escrow on 2 December 2010 following satisfaction of customary conditions precedent. The coupon has been set at 10.375% per annum payable semi-annually in arrear on 30 June and 31 December of each year, commencing on 30 June 2011. The Notes have been given provisional ratings of B2 by Moody's Investors Service, Inc. and B+ by Standard & Poor's Ratings Group.
Applications will be made for the admission of the Notes to listing on the Official List of the UK Listing Authority and to trading on the Professional Securities Market of the London Stock Exchange.
Completion of settlement of the Notes, together with utilisation of the committed £100 million facility agreement with Prudential/M&G UK Companies Financing Fund LP (the "Fund Facility"), will satisfy the requirement in the new £950 million credit facility announced on 16 November 2010 that the company obtain £350 million of debt capital market funding in the public or private debt capital markets.
The net proceeds of the issue of the Notes, together with the proceeds of utilisation of the Fund Facility and the proceeds of the first utilisation of the new £950 million credit facility will be used to repay the existing bank debt, private placement notes and variable rate bonds of the company. This is expected to occur in December 2010. Further details will be announced in advance of such repayments.
The Royal Bank of Scotland plc and Barclays Capital acted as Global Co-ordinators and Joint Physical Bookrunners for the offering of the Notes. Lloyds TSB Corporate Markets and HSBC acted as Joint Bookrunners.
For further information please contact:
Taylor Wimpey plc Tel: +44 (0) 20 7355 8109
Peter 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 announcement does not constitute or form part of an offer to sell or issue or a solicitation of an offer to purchase or subscribe for the Notes in the United States, Canada, Australia, Japan or any jurisdiction in which such offers, sales or solicitation would be unlawful prior to registration or qualification under the relevant securities laws of any such jurisdiction and is not intended to provide the basis for any credit or other evaluation of the Notes.
The Notes may not be offered or sold in the United States or to, or for the account or benefit of, US persons unless they are registered or exempt from registration under the US Securities Act of 1933, as amended (the "US Securities Act"). Taylor Wimpey is not making a public offer of the Notes in the United States.
In particular, the Notes have not been, and will not be, registered under the US Securities Act, and may not be offered, sold or transferred directly or indirectly within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and applicable state securities laws. The Notes are being offered and sold outside the United States in accordance with Regulation S under the US Securities Act. The Notes will not be registered under or offered in compliance with applicable securities laws of any state, province, territory, county or jurisdiction of the United States, Canada, Australia, Japan or any other jurisdiction where the extension or availability of the Notes (and any other transaction contemplated thereby) would breach any applicable law. Accordingly, unless an exemption under the relevant securities law is applicable, the Notes may not be offered, sold, resold, delivered or distributed, directly or indirectly, in or into the United States, Canada, Australia, Japan or any other jurisdiction if to do so would breach any applicable law, or require registration thereof in such jurisdiction. No public offering of the Notes is being made in the United States. In addition, any relevant securities registration or other clearances have not been and will not be made or obtained with or from the relevant authorities in any other jurisdiction except the United Kingdom.
In connection with the issue of the Notes, Barclays Bank plc and The Royal Bank of Scotland plc (together, the "Stabilising Managers") (or persons acting on behalf of the Stabilising Managers) may over-allot Notes or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, there is no obligation on the Stabilising Managers (or persons acting on behalf of either Stabilising Manager) to undertake stabilisation action. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer of the Notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of the Notes and 60 days after the date of the allotment of the Notes. Any stabilisation action or over-allotment must be conducted by the relevant Stabilising Manager (or person(s) acting on behalf of such Stabilising Manager) in accordance with all applicable laws and rules.
This communication is not being distributed to or directed at persons other than persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses where the issue of the Notes would otherwise constitute a contravention of section 19 of the Financial Services and Markets Act 2000 ("FSMA") by us. In addition, no person may communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received by it in connection with the issue or sale of the Notes other than in circumstances in which section 21(1) of FSMA does not apply to us.
This information is provided by RNS
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