Taylor Wimpey completes refinancing of credit facility

Taylor Wimpey has completed the refinancing of its revolving credit facility which is due to mature in November 2014.The housebuilder has secured a new revolving credit facility for £550m to mature in August 2018. Group Finance Director, Ryan Mangold, said the debt facility will provide plenty of headroom to deliver strategic objectives whilst reducing our finance costs."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," he said.Since laying out its strategy in September 2011, the group has reduced net debt by over 40% to £68.4m at June 30th 2013.Taylor Wimpey plans to prepay the remaining £149.4m of the £250m10.375% senior notes on the first call date of December 31st 2013 at a prepayment premium of 5.1875%. Following repayment of the senior notes, the maturity date on the firm's £100m term loan extends to 2020 resulting in total committed debt facilities of £650m with an average maturity of 4.7 years. The company estimates its net finance cost to be nearly 50% lower next year.RD