Top firms share roles in Taylor Wimpey debt restructure deal
A raft of City and US firms have advised as troubled house-builder Taylor Wimpey agreed £2.47bn of debt facilities. The deal, agreed earlier this month, generated roles for firms including Ashurst, Allen & Overy (A&O), Slaughter and May and Davis Polk & Wardwell as the company restructured its borrowings.
April 22, 2009 at 10:38 PM
2 minute read
Slaughters, Ashurst and A&O act on big-ticket restructuring
A raft of City and US firms have advised as troubled house-builder Taylor Wimpey agreed £2.47bn of debt facilities.
The deal, agreed earlier this month, generated roles for firms including Ashurst, Allen & Overy (A&O), Slaughter and May and Davis Polk & Wardwell as the company restructured its borrowings.
Slaughters advised Taylor Wimpey on the negotiations, with London finance partner Mark Dwyer (pictured) leading a team backed up by partners including Jeff Twenty-man (corporate) and Richard Carson (tax).
Davis Polk advised Taylor Wimpey on US matters, with London corporate partner Nigel Wilson acting for the company, which earlier this month said that total debt fees and legal and professional costs for the protracted negotiations would reach around £60m, of which £11m was incurred in 2008.
A&O acted for bank lenders Royal Bank of Scotland and HSBC, led by London finance partner Simon Roberts.
Ashurst corporate partner David Kershaw advised Taylor Wimpey's 2012 and 2019 Eurobond holders, in connection with the restructuring of the bonds, private placement notes and banking facilities.
Commenting on the deal Dwyer said: "Following what was a very complex and protracted negotiation process given the number of parties with whom agreement had to be reached, it was good finally to deliver an outcome for our client which gives the group flexibility to enable it to trade through the current downturn."
Other firms with roles on the deal include CMS Cameron McKenna, which advised in relation to the George Wimpey staff pension scheme, and Sackers and Dechert, which advised the Taylor Woodrow pension scheme.
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