UU issues a bolt from the blue
- From: Vol 4, Issue 8 (August 2003)
- Category: Companies
- Region: Europe
- Country: United Kingdom
- Related Companies: HSBC and United Utilities
Bucking the UK water sector trend of raising funds by issuing debt, United Utilities is to turn to the equity market for £1 billion to finance its capital investment obligations. The move has been interpreted as bizarre in some quarters.
United Utilities (UU) shocked the UK water industry last month with an announcement that it proposed to raise £1 billion through a two-stage five-for-nine rights issue. The deeply discounted issue is priced at 330p.
UU said that it needed the capital to fund growth in its regulated businesses. Capital investment is expected to total at least £3 billion in the ...
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