By Paul A. Harris
St. Louis, Jan. 21 - Anglian Water (Osprey) Financing plc priced an upsized £350 million issue of seven-year senior secured notes (Ba3//BB+) at par to yield 7% on Friday, according to an informed source.
The yield printed at the tight end of the 7% to 7¼% guidance.
BNP Paribas and Morgan Stanley were the global coordinators for the issue, which was upsized from £200 million.
Barclays Capital, BNP Paribas, HSBC, Lloyds TSB, Morgan Stanley and the Royal Bank of Scotland were the joint bookrunners.
Proceeds from the notes sale will be used to help fund a leveraged buyout of the company by Canada Pension Investment Board, Colonial First State Global Asset Management and 3i Group.
Anglian Water is a Huntingdon, England-based water company that operates in the east of England.
| Issuer: | Anglian Water (Osprey) Financing plc
|
| Amount: | £350 million, increased from £200 million
|
| Maturity: | Jan. 31, 2018
|
| Securities: | Senior secured notes
|
| Global coordinators: | BNP Paribas, Morgan Stanley
|
| Bookrunners: | Barclays Capital, BNP Paribas, HSBC, Lloyds TSB, Morgan Stanley, the Royal Bank of Scotland
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 378 bps
|
| Call protection: | Non-callable
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody's: Ba3
|
| Fitch: BB+
|
| Distribution: | Regulation S only
|
| Price guidance: | 7% to 7¼%
|
| Marketing: | Brief roadshow
|
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