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Thames Water launches capped tender offer for 2025 class A bonds
By Marisa Wong
Los Angeles, Jan. 22 – Thames Water Utilities Finance plc is inviting holders of its £500 million outstanding 4% class A guaranteed unwrapped bonds due June 2025 to tender their bonds for purchase for cash, up to a maximum acceptance amount.
The maximum acceptance amount is expected to be equal to or less than the aggregate nominal amount of new notes that the company plans to issue under a concurrent offering.
The issuer is offering to purchase the 2025 bonds at a price to be calculated using the 0.625% U.K. Treasury due June 7, 2025 and a purchase spread of 245 basis points. The company will also pay accrued interest.
Tenders may be subject to proration.
The tender offer is conditioned on the new financing. The company intends to issue one or more new series of sterling-denominated fixed-rate notes.
Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new notes.
Tenders will be irrevocable except in limited circumstances.
The tender offer expires at 11 a.m. ET on Jan. 26.
Indicative results will be announced before the pricing time, and final results will be announced after the pricing time. The purchase price will be determined at or around 6 a.m. ET on Jan. 29.
Settlement is expected to be on Jan. 30.
The dealer managers for the tender offer are Lloyds Bank Corporate Markets plc (+44 20 7158 1726 / 1717; lbcmliabilitymanagement@lloydsbanking.com) and NatWest Markets plc (+44 20 7678 5222; NWMliabilitymanagement@natwestmarkets.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; thameswater@is.kroll.com; https://deals.is.kroll.com/thameswater) is the tender agent.
The water utility is based in Reading, U.K.
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