By William Gullotti
Buffalo, N.Y., Dec. 12 – SW (Finance) I plc sold £450 million of 7.375% sub-class A15 guaranteed sustainability bonds due Dec. 12, 2041 (Baa3/BBB/BBB) at 99.472, according to a final term sheet on Tuesday.
The notes are guaranteed by Southern Water Services Ltd., SWS Holdings Ltd., SW (Finance) II Ltd. and SWS Group Holdings Ltd.
The notes may be optionally redeemed on any interest payment date.
The Regulation S notes were managed by Lloyds Bank Corp. Markets plc, National Australia Bank Ltd. and NatWest Markets plc.
The notes will be traded on the London Stock Exchange.
Proceeds will be used to finance or refinance eligible sustainable investments, including both green investments and social investments.
The company is a subsidiary of Worthing, England-based Southern Water Services Ltd.
| Issuer: | Southern Water Services (Finance) Ltd.
|
| Guarantors: | Southern Water Services Ltd., SWS Holdings Ltd., SW (Finance) II Ltd. and SWS Group Holdings Ltd.
|
| Amount: | £450 million
|
| Issue: | Sub-class A15 guaranteed sustainability bonds
|
| Maturity: | Dec. 12, 2041
|
| Bookrunners: | Lloyds Bank Corp. Markets plc, National Australia Bank Ltd. and NatWest Markets plc
|
| Coupon: | 7.375%
|
| Price: | 99.472
|
| Call features: | Make-whole at greater of par and UK Treasuries plus 45 bps
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 12
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
| ISIN: | XS2731297235
|
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