Kelda joins UK water’s high yield club with hot £200m
Kelda Group, owner of Yorkshire Water, issued its first holding company bonds since 2001 today, following the example of other UK water companies in using subordinated high yield debt to increase leverage.
The £155m bond, rated BB-/BB+, was increased to £200m amid strong demand for high yielding paper, and was still more than 2.5 times oversubscribed.
It was a pretty strong book, said a banker at one of the physical bookrunners, Barclays and Royal Bank of Scotland, mainly the big UK
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