Signed agreement on £1.55bn debt pile will be put to bondholders on Wednesday for 21-day approval process
Taylor Wimpey’s banks are expected to sign off its £1.55bn debt deal today, according to a source close to the situation.
The deal, which has been under discussion for 10 months, will then be put to bondholders on Wednesday for their approval, a process that is due to take 21 days.
The source said: “The banks need to respond by today but you can assume they will all sign off on this package.”
Bondholders have about £443m of the company’s debt, private placement debt holders have about £380m and a group of banks hold the rest.
It is thought Taylor Wimpey may provide a further update to the market this week once the deal is under consideration by the bondholders.
A final deal is expected by the end of April. The company's share price rose 28% in early trading today amid heightened speculation a deal was due this month.
A Taylor Wimpey spokesman declined to comment.
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