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Prospect News home > News index > List of issuers Y > Headlines for Yorkshire Water > News item
Published on 3/14/2016 in the Prospect News Liability Management Daily.

Barclays to buy £190 million 6% fixed-to-floaters issued by Yorkshire Water in oversubscribed offer

By Susanna Moon

Chicago, March 14 – Barclays Bank plc said it will accept £190 million of sub-class B1 £450 million outstanding 6% fixed-to-floating guaranteed bonds due April 24, 2025 issued by Yorkshire Water Services Bradford Finance Ltd.

The tender offer ended at 11 a.m. ET on March 11.

Barclays will accept the notes for purchase using a proration factor of 57.983%, according to a company notice.

The notes are guaranteed by Yorkshire Water Services Ltd., Yorkshire Water Services Holdings Ltd., Yorkshire Water Services Finance Ltd., Yorkshire Water Services Odsal Finance Holdings Ltd. and Yorkshire Water Services Odsal Finance Ltd.

Barclays began a tender offer for a maximum purchase amount of £190 million on March 4, according to the original company announcement.

Pricing for each £1,000 will be set using the 1.75% U.K. Treasury note due January 2017 plus 130 basis points no later than the fifth business day after the offer ends, the release noted.

Holders also will receive accrued interest up to but excluding the settlement date, which is expected to be five business days after pricing.

The minimum denomination is £50,000.

The first optional redemption date for the notes is April 24, 2017.

Barclays Bank plc (+44 20 3134 8515 or eu.lm@barclays.com), Banco Santander, SA (+44 20 7756 6909 or tommaso.grospietro@santandergcb.com) and Royal Bank of Scotland plc (+44 20 7085 3781 or liabilitymanagement@rbs.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 20 7704 0880 or yorkshirewater@lucid-is.com, Paul Kamminga) is the tender agent.

Yorkshire is a Bradford, England-based water supply and treatment utility company.


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