Severn Trent starts tender offer for €280 million 5.25% notes due 2016

By Toni Weeks

San Luis Obispo, Calif., March 19 – Severn Trent Utilities Finance plc began a tender offer for up to €280 million of its €700 million of 5.25% notes due 2016, according to a filing with the London Stock Exchange.

The notes are guaranteed by Severn Trent Water Ltd.

The company said it is repurchasing the notes to help manage its debt maturity profile.

The offer expires at 11 a.m. ET on March 26. Pricing and the determination of the pro-ration factor, if any, is scheduled for March 27, with the announcement of the results to occur as soon as “reasonably practicable after pricing,” the filing noted.

If the settlement date is March 31, as expected, the purchase price will be 104.963. The company will also pay accrued interest up to but excluding the settlement date.

Barclays Bank plc (44 020 3134 8515, attn: liability management group, or eu.lm@barcap.com), Mizuho International plc (44 207 090 6474, attn: liability management group, or liabilitymanagement@uk.mizuho-sc.com) and Societe Generale (44 20 7676 7579, attn: liability management, or liability.management@sgcib.com) are the dealer managers. Lucid Issuer Services Ltd. (44 20 7704 0880, attn: Victor Parzyjagla, or severntrent@lucid-is.com) is the tender agent.

The issuer, formerly Severn Trent Water Utilities Finance plc, is a Birmingham, England-based company that provides water and treats wastewater in the United Kingdom and internationally through its two complementary businesses, Severn Trent Water and Severn Trent Services.

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