AWS financing update
- From: Vol 3, Issue 7 (July 2002)
- Category: Companies
- Region: Europe
- Country: United Kingdom
- Related Companies: Anglian Water, AWG, Barclays Capital, Citibank, Dresdner Kleinwort Wasserstein (Dresdner Kleinwort Benson), Herbert Smith, Linklaters and Schroder Salomon Smith Barney
AWG will raise debt within Anglian Water Services to a nominal 85% of its £3.8 billion RAV. The ring-fenced utility’s business will then be put out to competitive tender by 2004/05 but no company – AWG included – can win more than 50% of the work.
There are several tranches of bonds which are rated at triple A down to triple B. Existing bond investors have been given the chance to migrate their current bond holdings into the new structure. As of 17 June, all existing AWG bondholders had agreed to do this.
Around £1.9 billion of existing debt will be transferred and a further ...
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