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Affinity Water to exchange £65.8 million 2022 bonds for new 2042 bonds
By Marisa Wong
Morgantown, W.Va., Aug. 18 – Affinity Water Programme Finance Ltd. announced that holders had tendered £65,796,000 of its £80 million 3.625% guaranteed bonds due 2022 for exchange and that all bonds offered for exchange have been accepted in full.
The company had invited holders of the sub-class A1 bonds due 2022 to exchange any and all of their existing bonds for new sub-class A4 guaranteed bonds due 2042.
The exchange offer began on Aug. 9 and expired at 11 a.m. ET on Aug. 17.
The exchange value for the existing 2022 bonds is 114.364, and the exchange yield is 2.521% for the new 2042 bonds, according to a company notice.
Affinity Water will issue £65,796,000 of the new bonds for the exchange plus an additional £19,204,000 of the bonds, for a total principal amount of £85 million. The additional bonds will be issued on identical terms as, and as a single series with, the bonds issued for the exchange.
The new sterling-denominated bonds due 2042 will be issued at par with a coupon of 3.278% under the company’s £2.5 billion multicurrency program.
Settlement is expected to occur on Aug. 22.
HSBC Bank plc (+44 20 7992 6237, attn.: liability management group, liability.management@hsbcib.com) is the dealer manager.
Lucid Issuer Services Ltd. (+44 20 7704 0880, attn.: Yves Theis /Thomas Choquet, affinity@lucid-is.com) is the exchange agent.
The water supply company is based in Hatfield, England.
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