Wales & West begins tender offer on £250 million 4 5/8% bonds due 2023

By Taylor Fox

New York, March 22 – Wales & West Utilities Ltd. began a cash tender offer to purchase up to £100 million sub-class A3 £250 million 4 5/8% secured guaranteed bonds due Dec. 13, 2023 (ISIN: XS0702021311), according to a news release.

Pricing for the offer will be set at 7 a.m. ET March 30 using the 2.25% U.K. Treasury gilt due September 2023 plus 25 basis points.

Wales & West will also pay interest on the notes accepted for purchase.

If the amount of tendered notes exceeds the maximum purchase amount, the notes will be accepted on a pro rata basis.

The offer will expire at 12 p.m. ET March 29.

The settlement date is expected to be April 6.

Barclays Bank plc (+44 0203 134-8515; eu.lm@barclays.com), BNP Paribas (+33 15577 7894; liability.management@bnpparibas.com) and NatWest Markets plc (+44 0207 678-5222; liabilitymanagement@natwestmarkets.com) are the dealer managers.

Lucid Issuer Services Ltd. (+44 020 7704-0880; wwu@lucid-is.com) is the tender and information agent.

Wales & West distributes gas to industrial, commercial and domestic consumers in the United Kingdom. The company is based in Newport, Wales.

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