Taylor Wimpey has told its lenders that it will seek to make holders of another set of eurobonds part of its debt renegotiations.

So far the talks, which have been running since last year, have included holders of the company’s bank debt, private placement notes and eurobonds due in 2012.

Now holders of its eurobonds due 2019 will be asked to approve the restructuring, according to people close to the process, and have their covenants reset too.

At a meeting of its banks yesterday, it presented the terms of a £1.55bn debt restructuring. All four creditor groups will be offered similar benefits in exchange for rescheduling debt repayments and resetting covenants. However, it is understood creditors will not be offered any extra security.

Financial Times