Thames Water starts roadshow for £175 million secured bullet offer for debt refinancing

By Paul A. Harris

Portland, Ore., July 20 – Thames Water (Kemble) Finance plc started what is expected to be a brief roadshow on Monday for its £175 million offering of non-callable seven-year senior secured notes (B1//BB), according to a market source.

The roadshow is scheduled to wrap up on Tuesday, and the Regulation S only deal is set to price thereafter.

HSBC, Morgan Stanley and Royal Bank of Scotland are the joint bookrunners.

The Reading, England-based provider of water and wastewater services to London and surrounding areas plans to use the proceeds to repay debt and to pay expenses related to the close-out of certain hedging arrangements.

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