Thames Class B passes with flying colours
- From: Vol 11, Issue 9 (September 2010)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Barclays Capital, BNP Paribas, HSBC, Macquarie, Royal Bank of Scotland and Thames Water
The second subordinated bond in as many months from Thames Water will enable the borrower to repay £835 million of acquisition debt. The deal sold out within two hours.
Thames Water took out the remainder of its Class B debt funding requirement with a £300 million 20-year non-call 12 issue on 2nd September, which priced less than two months after the borrower’s inaugural £550 million subordinated bond.
With the credit story still fresh in investors’ minds, the borrower decided to respond opportunistically to reverse enquiry for longer-dated subordinated ...
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