Yorkshire refinancing leaves gearing unchanged
- From: Vol 10, Issue 7 (July 2009)
- Category: General
- Region: Europe
- Related Companies: Anglian Water, Southern Water, Welsh Water and Yorkshire Water
High levels of holding company debt continue to haunt Yorkshire Water, despite a successful refinancing of the water business. The company's owners will have to tread carefully.
Yorkshire Water's long-awaited refinancing through a securitisation-style structure will still leave more than £1 billion of debt at the holding company level, which its owners will not be able to offload into the regulated business as soon as they had hoped.
Despite the success of the refinancing - which included the issuance of £650 million in new bonds - Yorkshire Water ...
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