By Marisa Wong
Los Angeles, Jan. 28 – Thames Water (Kemble) Finance plc priced a £150 million tap of its 4 5/8% senior secured notes due 2026 (B1//B+) at 101.125, according to a notice.
The add-on offering was upsized from an initially talked £100 million transaction size. The existing issue is £250 million in size.
Pricing for the tap of the non-callable for life notes was guided to the 101 area.
BNP Paribas, HSBC, Morgan Stanley and RBC are the bookrunners of the Rule 144A and Regulation S deal.
The water utility is based in Reading, England.
| Issuer: | Thames Water (Kemble) Finance plc
|
| Amount: | £150 million
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| Maturity: | 2026
|
| Securities: | Senior secured notes, tap issue
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| Bookrunners: | BNP Paribas, HSBC, Morgan Stanley and RBC
|
| Coupon: | 4 5/8%
|
| Price: | 101.125
|
| Call: | Non-callable for life
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| Announcement date: | Jan. 28
|
| Ratings: | Moody’s: B1
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Total issuance: | £400 million, including £250 million existing bonds
|
| Price talk: | 101 area
|
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