Pennon extends borrowing profile out to fifty years
- From: Vol 8, Issue 8 (August 2007)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Depfa Bank, Goldman Sachs, Mid Kent Water, Pennon/South West Water, Severn Trent, South East Water, United Utilities and Yorkshire Water
South West Water has become the first UK water company to issue an unrated 50-year bond. It could pave the way for others to enter the market.
Pennon Group made a rare foray into the bond markets in late July, placing £200 million of new securities in two tranches (see table below). While £100 million wasraised at the group level, the remainder was done at the opco level, marking the first time the regulated company has accessed 50-year money from the debt markets.
It’s not a ...
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