Wales & West Utilities to buy £125 million of 6.25% bonds in offer

By Susanna Moon

Chicago, Aug. 1 – Wales & West Utilities Ltd. said investors had tendered £135,273,000 of its £250 million 6.25% guaranteed bonds due 2021.

Wales & West will accept for purchase £124,999,000 of the notes using a scaling factor of 94.67%, according to an announcement.

The purchase price will be 115.94% of par, which was set at 6 a.m. ET on Aug. 1 using the 3.75% U.K. Treasury gilt due Sept. 7, 2021 for a benchmark yield of 0.849% and a purchase yield of 1.303%.

After the offer, there will be £125,001,000 principal amount left outstanding.

Settlement is expected to occur on Aug. 7.

The offer was announced July 23.

Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com), BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and NatWest Markets plc (+44 20 7678 5222 or liabilitymanagement@natwestmarkets.com) are the dealer managers. Lucid Issuer Services Ltd. (+44 20 7704 0880 or wwu@lucid-is.com) is the tender and information agent.

Wales & West distributes gas to industrial, commercial and domestic consumers in the United Kingdom. The company is based in Newport, Wales.

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