By Marisa Wong
Los Angeles, Feb. 21 – SW (Finance) I plc sold £20 million of 4.123% sub-class A17 CPI-linked class A guaranteed sustainability bonds due Feb. 23, 2043 (Baa3/BBB/BBB) at par, according to a final term sheet on Wednesday.
The notes are guaranteed by Southern Water Services Ltd., SWS Holdings Ltd., SW (Finance) II Ltd. and SWS Group Holdings Ltd.
The Regulation S notes may be optionally redeemed at a make-whole price on any interest payment date.
NatWest Markets plc is the dealer for the non-syndicated offering.
Proceeds will be used to finance or refinance eligible sustainable investments, including both green investments and social investments.
The issuer is a subsidiary of Worthing, U.K.-based Southern Water Services, a private water and wastewater utility company.
Issuer: | SW (Finance) I plc
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Guarantors: | Southern Water Services Ltd., SWS Holdings Ltd., SW (Finance) II Ltd. and SWS Group Holdings Ltd.
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Amount: | £20 million
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Issue: | Sub-class A17 CPI-linked class A guaranteed sustainability bonds
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Maturity: | Feb. 23, 2043
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Dealer: | NatWest Markets plc
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Coupon: | 4.123% per annum multiplied by index ratio; underlying index is U.K. Consumer Price index
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Price: | Par
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Call features: | Make-whole call on any interest payment date at greater of par and U.K. Treasuries plus 45 bps
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Pricing date: | Feb. 21
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Settlement date: | Feb. 23
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Listing: | London
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Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB
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Distribution: | Regulation S
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ISIN: | XS2772125790
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