Taylor Wimpey buyback exceeds target
Taylor Wimpey, the UK housebuilder that had to restructure its debts in 2009, completed its latest bond buyback yesterday (Wednesday), comfortably exceeding its target of cancelling £60m of high-interest bonds.
Royal Bank of Scotland, the dealer manager, had sought tenders from holders of the £250m December 2015 bond, which Taylor Wimpey had issued only last December. The bond is callable in 2013, but with a coupon of 10.375%, it is costly for the B2/B+ rated issuer.
Taylor Wimpey has
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