AWS completes new bond issue
- From: Vol 3, Issue 8 (August 2002)
- Category: Companies
- Region: Europe
- Country: United Kingdom
- Related Companies: Anglian Water, AWG, Fitch and Standard & Poor’s
ANGLIAN WATER SERVICES (AWS), AWG’s ring-fenced utility business, has completed an issue of £1.76 billion of new debt. This brings AWS’ gross borrowings up to £3.48 billion, including £1.72 billion of debt which existing debt holders have agreed to transfer.
The bond issue is part of an AWG restructuring exercise, started in November 2001, with the aim of reducing funding costs and refocusing the group’s business. AWG says that the bond issue and restructuring will “enable the group to reduce materially the cost of capital employed in the regulated business”.
The ratings agency, Standard & Poor’s, said it had ...
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