Taylor Wimpey works on capital structure with £550m debt facility

 
Kasmira Jefford
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HOUSEBUILDER Taylor Wimpey yesterday announced it has refinanced its revolving credit facility due next year with a new £550m debt package.

Group finance director Ryan Mangold said the debt facility, which matures in August 2018, will provide “ample headroom to deliver strategic objectives while reducing our finance costs.”

He added: “This provides us with a solid base to further optimise our capital structure later this year with the repayment of the senior notes, creating a more efficient debt structure by the end of the year and positioning the group well for the future.”

Taylor Wimpey, which was the result of a merge of George Wimpey and Taylor Woodrow in 2007, was badly hit by the credit crunch.

Since September 2011, when it set out its debt restructuring strategy and sold its North American business, the group has cut its net debt by over 40 per cent to £68.4m.

The group recently posted a 42.1 per cent jump in profit in the first six month of the year, helped by government schemes to spur Britain’s housing market.