Thames Water gets holder approval to amend numerous notes at meeting

By Susanna Moon

Chicago, June 26 – Thames Water Utilities Finance Ltd. and Thames Water Utilities Cayman Finance Ltd. secured the needed votes at meetings for numerous series of notes announced in three sets.

The bondholders meetings were held Tuesday in London.

There were enough holders to form a quorum, and the proposed changes were passed at each of the meetings, according to three separate announcements.

The proposal passed with 97.96% of the votes being cast in favor for the following set of notes issued by Thames Water Utilities Finance and guaranteed by Thames Water Utilities Holdings Ltd., Thames Water Utilities Ltd., Thames Water Utilities Cayman Finance Holdings Ltd. and Thames Water Utilities Cayman Finance Ltd.:

• £200 million 5.05% guaranteed notes due June 30, 2020;

• £175 million 3.375% index-linked guaranteed notes due July 21, 2021;

• £225 million 6.59% guaranteed notes due April 20, 2021;

• £330 million 6.75% guaranteed bonds due Nov. 16, 2028;

• £200 million 6.5% guaranteed bonds due Feb. 9, 2032;

• £600 million 5.12% guaranteed notes due Sept. 28, 2037;

• £300 million 1.6802% guaranteed RPI-linked notes due July 11, 2053; and

• £300 million 1.681% guaranteed RPI-linked notes due July 11, 2055.

The proposal passed with 95.33% of the votes being cast in favor for the following set of notes issued by Thames Water Utilities Cayman Finance and guaranteed by Thames Water Utilities Holdings Ltd., Thames Water Utilities Ltd., Thames Water Utilities Cayman Finance Holdings Ltd. and Thames Water Utilities Cayman Finance Ltd.:

• £300 million 2.375% class B guaranteed unwrapped bonds due May 3, 2023;

• £250 million 2.875% class B guaranteed unwrapped bonds due May 3, 2027; and

• £300 million 5.75% class B unwrapped bonds due Sept. 13, 2030.

The proposal passed with 97.76% of the votes being cast in favor for the following set of notes issued by Thames Water Utilities Cayman Finance and guaranteed by Thames Water Utilities Holdings Ltd., Thames Water Utilities Ltd., Thames Water Utilities Cayman Finance Holdings Ltd. and Thames Water Utilities Cayman Finance Ltd.:

• €113 million 2.3% index linked class A guaranteed unwrapped bonds due July 18, 2022;

• £250 million 1.875% class A guaranteed unwrapped bonds due Jan. 24 2024;

• CAD250 million 2.875% class A guaranteed unwrapped bonds due Dec. 12, 2024;

• £500 million 4% class A guaranteed unwrapped bonds due June 19, 2025;

• £45 million 0.721% index linked class A unwrapped bonds due Dec. 21, 2027;

• £300 million 3.5% class A guaranteed unwrapped bonds due Feb. 25, 2028;

• £250 million 2.625% class A guaranteed unwrapped bonds due Jan. 24, 2032;

• £40 million 0.75% index linked class A bonds due Dec. 18, 2034;

• £300 million 4.375% class A guaranteed unwrapped bonds due July 3, 2034;

• ¥20 billion 3.28% fixed rate class A unwrapped bonds due Aug. 20, 2038;

• £50 million 3.853% sub-class A1 index-linked unwrapped bonds due Dec. 15, 2040;

• £500 million 5.50% class A guaranteed unwrapped bonds due Feb. 11, 2041;

• £50 million 1.98% sub-class A5 index-linked unwrapped bonds due Aug. 28, 2042;

• £55 million 2.091% class A guaranteed unwrapped index-linked bonds due Oct. 6, 2042;

• £40 million 1.974% class A guaranteed unwrapped index-linked bonds due Oct. 12, 2045;

• £300 million 4.625% class A guaranteed unwrapped bonds due June 4, 2046;

• £100 million 1.846% sub-class A4 index-linked unwrapped bonds due Aug. 28, 2047;

• £200 million 1.819% sub-class A3 index-linked unwrapped bonds due Aug. 28, 2049;

• £200 million 1.771% sub-class A2 index-linked unwrapped bonds due Aug. 28, 2057;

• £400 million 7.738% guaranteed class A unwrapped bonds due April 9, 2058; and

• £350 million 1.76% sub-class A1 index-linked unwrapped bonds due Aug. 28, 2062.

Thames Water Cayman Finance is a financing unit of Thames Water Utilities, the regulated monopoly provider for water and wastewater services in London and the surrounding areas. It is based in Reading, England.

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