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Severn Trent buys back £150.58 million 5.25% notes at 110.515 in offer
By Susanna Moon
Chicago, Jan. 25 - Severn Trent Utilities Finance plc said it accepted tenders for £150,577,000 in the offer to purchase any and all of its £200 million 5.25% notes due 2014.
The company will pay 110.515% of par for the notes, based on a benchmark security rate of 0.466%. The purchase yield was 1.4714%.
Pricing was set at 6 a.m. ET on Jan. 25 using the 5% U.K. treasury gilt due 2014 as the benchmark security plus 100 basis points.
Holders also will receive accrued interest to but excluding the settlement date of Jan. 27.
The offer began on Jan. 17.
After settlement, £49,423,000 principal amount of the notes will remain outstanding.
Barclays Bank plc (+44 20 7773 8575, attn: liability management group, or e-mail eu.lm@barcap.com), Royal Bank of Scotland plc (+44 20 7085 5991, attn: liability management group, or e-mail: liabilitymanagement@rbs.com) and HSBC Bank plc (+44 20 7991 5110, attn: liability management group, or e-mail: liability.management@hsbcib.com) are the dealer managers.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn: Thomas Choquet or Sunjeeve Patel, or e-mail 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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