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Thames Water accepts £185.53 million tendered 4% bonds due 2025
By Marisa Wong
Los Angeles, Jan. 29 – Thames Water Utilities Finance plc announced the results of its Jan. 22 invitation to holders of its £500 million outstanding 4% class A guaranteed unwrapped bonds due June 2025 to tender their bonds for purchase for cash, up to a maximum acceptance amount.
The issuer has accepted for purchase tendered notes with an aggregate nominal amount of £185,527,000, according to a Monday press release.
The purchase price is 96.211, calculated using the 0.625% U.K. Treasury due June 7, 2025 and a purchase spread of 245 basis points. The purchase price was determined at or around 6 a.m. ET on Jan. 29.
The company will also pay accrued interest.
The maximum acceptance amount was expected to be equal to or less than the aggregate nominal amount of new notes to be issued under a concurrent offering.
The tender offer is conditioned on the new financing, which is expected to close on Jan. 30.
Holders who participate in the tender offer and wish to subscribe for the new notes may be given priority in the allocation of the new sterling-denominated fixed-rate notes.
The tender offer expired at 11 a.m. ET on Jan. 26.
Settlement is expected to be on Jan. 30.
The dealer managers for the tender offer are Lloyds Bank Corporate Markets plc (+44 20 7158 1726 / 1717; lbcmliabilitymanagement@lloydsbanking.com) and NatWest Markets plc (+44 20 7678 5222; NWMliabilitymanagement@natwestmarkets.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Owen Morris; thameswater@is.kroll.com; https://deals.is.kroll.com/thameswater) is the tender agent.
The water utility is based in Reading, U.K.
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