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Severn Trent enters market with euro benchmark sustainable bonds
Chicago, Feb. 22 – Severn Trent Utilities Finance plc will start investor calls on Friday for a euro-denominated benchmark offering of 10-year sustainable bonds (Baa1/BBB+/A-), according to a market source.
Barclays and BNP Paribas will be global coordinators. They will also be active bookrunners with SMBC.
BNP is coordinating logistics.
Distribution will be under Regulation S.
The bonds will be guaranteed by Severn Trent Water Ltd.
Proceeds will be used for eligible green projects.
A second-party opinion has been obtained from DNB.
The Birmingham, U.K.-based issuer provides water and treats wastewater in the United Kingdom.
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