Taylor Wimpey refinancing in a bid to beef up land purchases
HOUSEBUILDER Taylor Wimpey has returned to the negotiating table with lenders, in a bid to access funding for land purchases.
The company, which completed a £1.55bn debt restructuring last year, now wants to refinance its bonds and bank loans, according to the Financial Times.
Although the firm’s repayments on debts are not due until July 2012, borrowing restrictions curb its ability to buy new land.
Early discussions are reportedly over whether Taylor Wimpey can extend the duration of its debts and arrange less constrictive cash flow covenants. The company’s creditors comprise a 15-bank consortium, including Barclays, HSBC, Lloyds and RBS. Last night Taylor Wimpey could not be reached for comment.