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Taylor Wimpey issue 2 billion new shares

Friday, 8 May 2009 3:53 PM

Taylor Wimpey, the UK homebuilder, has announced it hopes to make £510 million through the creation of two billion new shares.

The company said the entire proceeds would be used to reduce the group's debt, with the issue price of 25 pence representing a 48 per cent discount at last night's closing.

The group said that "based on current net debt levels, the fundraising will deliver interest costs savings that are expected to exceed £60 million for the remainder of 2009".

Norman Askew, chairman of Taylor Wimpey, said: "This fundraising builds on the recently announced amendment of our debt facilities to strengthen our capital structure. Taylor Wimpey is now better positioned to take advantage of the opportunities offered by our existing asset base and any future upturns in our markets in order to create value for shareholders."

"We have taken the difficult decisions necessary to protect the inherent value in the group. Whilst we remain focused on managing cash tightly, following this equity raise, we are now in a strong position to focus on a return to profitability and to place Taylor Wimpey at the forefront of any housing market recovery," Pete Redfern, group chief executive, added.

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