By Marisa Wong
Los Angeles, Feb. 20 – SW (Finance) I plc sold £72 million of 3.315% sub-class A16 CPI-linked class A guaranteed sustainability bonds due Feb. 21, 2043 (Baa3/BBB/BBB) at 90.028, according to a final term sheet on Monday.
The notes are guaranteed by Southern Water Services Ltd., SWS Holdings Ltd., SW (Finance) II Ltd. and SWS Group Holdings Ltd.
The Regulation S notes may be optionally redeemed at a make-whole price on any interest payment date.
NatWest Markets plc is the dealer for the non-syndicated offering.
Proceeds will be used to finance or refinance eligible sustainable investments, including both green investments and social investments.
The issuer is a subsidiary of Worthing, England-based Southern Water Services, a private water and wastewater utility company.
| Issuer: | SW (Finance) I plc
|
| Guarantors: | Southern Water Services Ltd., SWS Holdings Ltd., SW (Finance) II Ltd. and SWS Group Holdings Ltd.
|
| Amount: | £72 million
|
| Issue: | Sub-class A16 CPI-linked class A guaranteed sustainability bonds
|
| Maturity: | Feb. 21, 2043
|
| Dealer: | NatWest Markets plc
|
| Coupon: | 3.315% per annum multiplied by index ratio; underlying index is U.K. Consumer Price index
|
| Price: | 90.028
|
| Call features: | Make-whole call on any interest payment date at greater of par and U.K. Treasuries plus 45 bps
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 21
|
| Listing: | London
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
| ISIN: | XS2771442980
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