Kemble follows AWG in Thames debt refinancing
- From: Vol 12, Issue 4 (April 2011)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Anglian Water, Kemble and Thames Water
The refinancing of acquisition debt for Anglian Water Group has been repeated in a similar move by the owners of Thames Water, who raised £400m in a successful high-yield issue, despite residual misgivings from investors.
The £400m high-yield bond that Thames Water’s owning consortium issued at the start of April has enabled the group to refinance the final tranche of its acquisition debt at a much lower cost than seemed possible back in 2009.
The 7.75% coupon on the eight-year bond, which priced at par to offer investors a spread of 426 basis ...
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