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published SEPTEMBER 19, 2011
Slaughter and May advised Taylor Wimpey on its cash tender offer to holders of its 10.375% senior notes due 2015

Slaughter and May advised Taylor Wimpey plc on the repurchase of £82,415,000 in aggregate nominal amount of its £250 million 10.375% senior notes due 2015 (the 'Notes') at a purchase price of 106%, pursuant to a tender offer for the Notes.
The tender offer was conducted through a modified Dutch auction procedure in which noteholders were invited to tender their Notes for sale within a price range of 102% to 107%.
The purpose of the offer was to reduce the company’s term borrowings and lower its interest cost following the disposal of its North American (US and Canada) homebuilding operations in July this year. Following settlement of the tender offer, the company’s income statement interest charge is expected to be reduced by approximately £8.3 million per annum, subject to gearing levels.
The Slaughter and May team was led by financing partner Mark Dwyer supported by associate Lois Deasey. The team also included tax partner Gareth Miles and tax associate Thomas Jarvis.





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