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Anglian Water to sell sterling-denominated fixed-to-floaters due 2037
By Angela McDaniels
Tacoma, Wash., July 11 - Anglian Water Services Financing plc plans to price sterling-denominated fixed-to-floating-rate guaranteed class B unwrapped bonds due 2037, according to a company news release.
Some of the notes will be issued for cash, and some will be issued in an exchange offer for the company's £275 million fixed-to-floating-rate guaranteed class B unwrapped bonds due 2037 and its £100 million fixed-to-floating-rate guaranteed class B unwrapped bonds due 2024.
The exchange offer is conditioned on the issuance of a combined £200 million of the new bonds between the exchange offer and the cash offering.
The new bonds will be issued under the company's €10 billion global secured medium-term bond program and will be guaranteed by Anglian Water Services Ltd., Anglian Water Services Holdings Ltd. and Anglian Water Services Overseas Holdings Ltd.
The new issue spread used to fix the new issue yield will be 270 basis points to 285 bps. The exact spread will be set on July 13.
The new issue price and the new fixed-rate coupon will be set on July 14. The company said the new issue price will be as close as possible to par, adjusted to allow for rounding down of the new fixed-rate coupon to the nearest 0.125%.
Beginning Oct. 3, 2021, the interest rate for the new bonds will be Libor plus 750 bps.
The exchange offer will expire at 11 a.m. ET on July 13. The settlement date is expected to be July 21.
The dealer managers for the exchange offer are BNP Paribas (44 20 7595 8668 or liability.management@bnpparibas.com), HSBC Bank plc (44 20 7991 1444 or liability.management@hsbcib.com), Lloyds TSB Bank plc (44 20 7158 3981 or liability.management@lloydsbanking.com) and Royal Bank of Scotland plc (44 20 7085 8056 or liabilitymanagement@rbs.com). The exchange and tender agent is Lucid Issuer Services Ltd. (44 20 7704 0880 or anglianwater @lucid-is.com).
Anglian Water is a Huntingdon, England-based water company.
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