Chicago, July 25 – United Utilities Water Finance plc sold £350 million of 5.75% 13-year sustainability bonds, according to an announcement.
The bonds priced at 99.527, or at a spread of 120 basis points to the related U.K. Treasury.
Deutsche Bank AG London Branch, HSBC Bank plc, J.P. Morgan Securities plc and RBC Capital Markets were bookrunners.
The bonds are guaranteed by United Utilities Water Ltd.
Proceeds were earmarked for eligible projects under the issuer’s sustainable finance framework.
United Utilities provides regulated water and wastewater services in England.
Issuer: | United Utilities Water Finance plc
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Guarantor: | United Utilities Water Ltd.
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Amount: | £350 million
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Issue: | Sustainability bonds
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Maturity: | June 26, 2036
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Bookrunners: | Deutsche Bank AG London Branch, HSBC Bank plc, J.P. Morgan Securities plc and RBC Capital Markets
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Coupon: | 5.75%
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Price: | 99.527
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Yield: | 5.803%
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Spread: | Gilts plus 120 bps
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Trade date: | June 22
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Settlement date: | June 26
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Ratings: | Moody’s: A3
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| S&P: BBB+
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| Fitch: A-
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ISIN: | XS2641168997
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