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Anglian Water tenders for £100 million class B fixed-to-floating notes
By Susanna Moon
Chicago, March 12 - Anglian Water Services Financing plc said it began a tender offer for its £100 million of fixed-to-floating guaranteed class B unwrapped bonds due June 2024. The bonds are guaranteed by Anglian Water Services Ltd.
The offer is being made as part of the company's "commitment to actively manage its balance sheet," according to a press release.
Pricing for the offer will be set at 5 a.m. ET on March 20 using a purchase spread of 140 basis points over the 5% U.K. Treasury gilt due September 2014.
The company will also pay accrued interest.
Holders must deliver their tender instruction to the tender agent by 11 a.m. ET on March 19 in order to participate in the offer. Tender instructions must be submitted for a minimum nominal amount of bonds of no less than £50,000, and then in integral amounts of £50,000 after that.
The settlement date has been set for March 22.
The Royal Bank of Scotland plc (+44 20 7085 8056, attn: liability management, email: liabilitymanagement@rbs.com) is the dealer manager. Deutsche Bank AG, London Branch (+44 20 7547 5000, attn: trust and agency services, email: xchange.offer@db.com) is the tender agent.
Anglian is a Huntingdon, England-based water company.
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