Prudential’s U.K. Company Loan Fund Extends Taylor Wimpey Debt
Taylor Wimpey Plc (TW/), the U.K.’s second-largest homebuilder by volume, signed a deal to extend its 100 million-pound ($159 million) loan from Prudential Plc (PRU)’s M&G U.K. Companies Financing Fund.
The loan has been extended to November 2020 from June 2015 on condition Taylor Wimpey’s 10.375 percent senior notes are repaid by the end of June 2015, according to a statement from the London-based builder.
M&G U.K. Companies Financing Fund began in 2009 seeking to fill gaps left by bank lenders withdrawing from the market. It had made total commitments of 835 million pounds across 10 loans, it said Oct. 8.
Taylor Wimpey expects net debt at the end of 2012 to be similar to last year’s 117 million pounds, according to today’s statement. Its order book increased to 1.11 billion pounds for the 19 weeks through Nov. 12, compared with 1.02 billion pounds for the same period a year earlier.
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