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Taylor Wimpey debt resolution pushed back

Taylor Wimpey said today its debt negotiations are continuing well, but the house builder does not expect them to be concluded until April now.

Further to an announcement on 13 January the company told the stock exchange today that it remains in discussions over the refinancing of its debt.

It said talks are continuing with the providers of the existing bank facilities, private placement noteholders and bondholder committees representing approximately 70 per cent of the principal amount of each of the 2012 and 2019 Eurobonds.

A statement said: “These discussions are at an advanced stage and continue on a constructive basis with all debt providers being supportive of the company.

“The company now expects to successfully conclude this process in April, following the completion of a formal three week bondholder approval process, rather than during March as previously indicated.

“The coordinators of the company’s bank facilities have indicated that, based on the progress made to date, they are supportive of a further deferral of the financial covenants testing date from 31 March to accommodate this revised timetable.

“We will announce our preliminary results for the year ended 31 December 2008 following the completion of the financing process in April and will provide further information on progress to the market as appropriate.”