Thames refinances and retrenches as sale approaches
- From: Vol 7, Issue 9 (September 2006)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Barclays Capital, Deutsche Bank, Fitch, Goldman Sachs, Macquarie Bank, Merrill Lynch, Moody’s, Qatar Investment Office, RWE/Thames (Water), Shearman & Sterling, South East Water, Standard & Poor’s, Terra Firma and UBS
A bond issue and a cost cutting programme seemed to be aimed at firming up the price for the UK water utility, while keeping open the option of a stock exchange flotation.
RWE’s moves to cut 25% of the workforce at Thames Water over the next three years and restructure nearly £2 billion of the company’s debt are widely seen as a late effort to boost its sale price.
The German company’s advisers on the disposal of Thames, Goldman Sachs and Deutsche Bank, reportedly received indicative bids from three ...
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