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Taylor Wimpey - Cash tender offer to holders of senior notes due 2015
Slaughter and May advised Taylor Wimpey plc on the repurchase of £82,415,000 in aggregate nominal amount of its £250 million 10.375% senior notes due 2015 (the 'Notes') at a purchase price of 106%, pursuant to a tender offer for the Notes.
The tender offer was conducted through a modified Dutch auction procedure in which noteholders were invited to tender their Notes for sale within a price range of 102% to 107%.
The purpose of the offer was to reduce the company’s term borrowings and lower its interest cost following the disposal of its North American (US and Canada) homebuilding operations in July this year. Following settlement of the tender offer, the company’s income statement interest charge is expected to be reduced by approximately £8.3 million per annum, subject to gearing levels.
Contacts
Mark Dwyer (partner), Lois Deasey (associate); Tax: Gareth Miles (partner), Thomas Jarvis (associate)
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