Thames to pay down holdco debt with new sub bond
- From: Vol 11, Issue 7 (July 2010)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Barclays, HSBC, Kemble Water Ltd, Morgan Stanley and Thames Water
The lifting of a leverage restriction has allowed Thames Water to issue its inaugural subordinated Class B bond. The proceeds will take out some of the Kemble Water acquisition debt.
Thames Water has followed Yorkshire Water into the subordinated bond market, pricing £550 million of 15-year non-call 7 securities on 13 July – the company’s first Class B deal, and the largest ever in the UK water sector.
Following the implementation of its whole business securitisation in 2007, Thames was restricted from issuing Class B debt until 1 April this ...
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