Thames Water (Kemble) to price £150 million tap of 4 5/8% secured notes due 2026

By Rebecca Melvin

New York, Jan. 27 – Thames Water (Kemble) Finance plc plans to price a £150 million tap of its 4 5/8% senior secured notes due 2026 (B1//B+), according to market sources on Wednesday.

The tap was upsized from an initially talked £100 million transaction size. The existing issue is £250 million in size.

Pricing for the tap of the non-callable for life notes was guided to the 101 area.

BNP Paribas, HSBC, Morgan Stanley and RBC are the bookrunners of the Rule 144A and Regulation S deal.

The water utility is based in Reading, England.

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