By Paul A. Harris
Portland, Ore., April 14 - Southern Water (Greensands) Financing plc priced a £250 million issue of eight-year notes at par to yield 8½% on Thursday, according to a market source.
The yield printed on top of the price talk.
Deutsche Bank, HSBC and UBS are the joint bookrunners for the Regulation S-only deal.
The Worthing, England-based drinking water supplier plans to use the proceeds to refinance debt.
| Issuer: | Southern Water (Greensands) Financing plc
|
| Amount: | £250 million
|
| Maturity: | 2019
|
| Securities: | Notes
|
| Bookrunners: | Deutsche Bank, HSBC, UBS
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 511 bps
|
| Call protection: | Non-callable
|
| Trade date: | April 14
|
| Distribution: | Regulation S only
|
| Price talk: | 8½% area
|
| Marketing: | Roadshow
|
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