Chicago, Jan. 17 – Thames Water Utilities Finance plc sold €1.65 billion of debt over two bonds, according to term sheets regarding the tranches.
The issuer sold €650 million 4% green unwrapped bonds due 2027 (Baa1/BBB) and €1 billion of 4.375% green unwrapped bonds due 2031.
The bonds due 2027 priced at 99.563 to yield 4.108%.
The bonds due 2031 priced at 99.993 to yield 4.376%.
The 2027 bonds may be called early with a Gilts plus 30 basis points make-whole premium. There is a par call option during the three months before the maturity date.
Similarly, the 2031 bonds may be called with a Gilt plus 35 bps make-whole premium until the par call during the final three months before the maturity date.
Thames Water Utilities Holdings Ltd. and Thames Water Utilities Ltd. are listed as guarantors.
Barclays, HSBC Bank plc, SMBC Nikko Capital Markets Ltd., Bank of China Ltd., London Branch, Banco Santander, SA, BNP Paribas, ICBC Standard Bank plc, Morgan Stanley & Co., International plc, NatWest Markets plc, RBC Europe Ltd., Skandinaviska Enskilda Banken AB (publ) and Toronto Dominion Bank served as bookrunners for the Regulation S offering.
The water utility is based in Reading, England.
| Issuer: | Thames Water Utilities Finance plc
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| Guarantors: | Thames Water Utilities Holdings Ltd. and Thames Water Utilities Ltd.
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| Amount: | €1.65 billion
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| Issue: | Class A green unwrapped bonds
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| Bookrunners: | Barclays, HSBC Bank plc, SMBC Nikko Capital Markets Ltd., Bank of China Ltd., London Branch, Banco Santander, SA, BNP Paribas, ICBC Standard Bank plc, Morgan Stanley & Co., International plc, NatWest Markets plc, RBC Europe Ltd., Skandinaviska Enskilda Banken AB (publ) and Toronto Dominion Bank
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| Trade date: | Jan. 16
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| Settlement date: | Jan. 18
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| Ratings: | Moody’s: Baa1
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| S&P: BBB
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| Distribution: | Regulation S
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| Amount: | €650 million
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| Maturity: | Jan. 18, 2027
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| Coupon: | 4%
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| Price: | 99.563
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| Yield: | 4.108%
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| Call features: | Make-whole call at Gilts plus 30 bps until three months before maturity date; thereafter at par
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| ISIN: | XS2576550326
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| Amount: | €1 billion
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| Maturity: | Jan. 18, 2031
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| Coupon: | 4.375%
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| Price: | 99.993
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| Yield: | 4.376%
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| Call features: | Make-whole call at Gilts plus 35 bps until three months before maturity date; thereafter at par
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| ISIN: | XS2576550672
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