Anglian pays up to refinance acquisition debt
- From: Vol 12, Issue 2 (February 2011)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Anglian Water, Osprey, Thames Water and Yorkshire Water
The early repayment of £450 million of acquisition debt taken out by the Osprey consortium included the UK water sector’s first ever holding company bond. It will prove more expensive to service than the debt it is replacing.
Anglian Water drew over £2 billion of demand from over 200 accounts for the UK water sector’s first ever holding company bond in late January, when it priced a £350 million seven-year deal paying a chunky 7% coupon.
The transaction, co-ordinated by BNP Paribas and Morgan Stanley, was marketed to a mix of high-yield and investment-grade investors, and was ...
Subscription required
To read this full article you must be subscribed to Global Water Intelligence.
Subscribe Now, Sign up for a Free Trial or Log In
