By Devika Patel
Knoxville, Tenn., May 26 – Southern Water Services (Finance) Ltd. priced £825 million of sustainable bonds (Baa3/BBB+/BBB+) in two parts, according to a press release.
The company priced £375 million of 2.375% subclass A12 bonds due 2028 at 99.18 and £450 million of 3% subclass A13 bonds due 2037 at 99.094.
Banco Santander SA, HSBC Bank plc, Lloyds Bank Corporate Markets plc and NatWest Markets plc were the bookrunners.
The notes are guaranteed by Southern Water Services Ltd., SWS Holdings Ltd. and SWS Group Holdings Ltd.
Proceeds will be used for financing or refinancing of or investment in eligible sustainable investments.
The company is a subsidiary of Worthing, England-based Southern Water Services Ltd.
| Issuer: | Southern Water Services (Finance) Ltd.
|
| Guarantors: | Southern Water Services Ltd., SWS Holdings Ltd. and SWS Group Holdings Ltd.
|
| Description: | Subclass A12 and A13 sustainable bonds
|
| Amount: | £825 million
|
| Bookrunners: | Banco Santander SA, HSBC Bank plc, Lloyds Bank Corporate Markets plc, and NatWest Markets plc
|
| Announcement date: | May 26
|
| Settlement date: | May 28
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB+
|
| Fitch: BBB+
|
|
|
| 2028 bonds
|
| Amount: | £375 million
|
| Maturity: | 2028
|
| Coupon: | 2.375%
|
| Price: | 99.18
|
| Yield: | 2.489%
|
| Call: | On any interest payment date at par plus interest
|
|
|
| 2037 bonds
|
| Amount: | £450 million
|
| Maturity: | 2037
|
| Coupon: | 3%
|
| Price: | 99.094
|
| Yield: | 3.069%
|
| Call: | On any interest payment date at par plus interest
|
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