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England's Thames Water Utilities to start roadshow Tuesday for £400 million eight-year notes
By Paul A. Harris
Portland, Ore., March 28 - England's Thames Water Utilities Ltd. plans to begin a roadshow on Tuesday in Edinburgh for a £400 million offering of eight-year senior secured notes (B1//BB), according to a market source.
The roadshow moves to London on Wednesday and Thursday.
The notes are expected to price thereafter.
Morgan Stanley & Co., which will bill and deliver, is a joint physical bookrunner for the Regulation S-only offering. BNP Paribas and J.P. Morgan Securities LLC are also physical bookrunners.
NAB, RBC Capital Markets and Royal Bank of Scotland are the co-managers.
Proceeds will be used to refinance debt.
The issuing entity, Thames Water (Kemble) Finance plc, is a financing unit of Kemble Water, a holding company of Thames Water Utilities, the regulated monopoly provider for water and wastewater services in London and surrounding areas.
The company is based in Reading, England.
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