Thames refinancing struggles to find buyers
- From: Vol 8, Issue 9 (September 2007)
- Category: General
- Region: Europe
- Country: United Kingdom
- Related Companies: Anglian Water, Barclays, Dresdner Kleinwort, HSBC, Kemble, Macquarie Bank, Moody’s, Royal Bank of Canada, RWE, Southern Water, Standard & Poor’s, Thames Water and Welsh Water (Dwr Cymru)
Time pressure and poor market conditions conspired to force a downsizing of Thames Water’s latest bond issue, writes Andrew Cavenagh. The poor reception of the deal could have knock-on effects.
The Macquarie-led Kemble consortium that bought Thames Water for £8 billion last year had a real struggle in August to put its new financing structure in place for the company.
As part of the whole business securitisation of Thames’ regulated water and wastewater business, the plan to issue a series of new bonds to refinance the remaining acquisition debt and ...
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