UK hybrid investors show their faith in unrated Pennon’s story

By Nigel Owen
21 Sep 2017

The UK water and waste company Pennon, which owns South West Water and Viridor, got an overwhelming response to its £300m hybrid offering on Monday. Investors clearly signalled their approval of the unrated company’s growth strategy.

At the same time as announcing a roadshow for the deal Pennon said it would be tendering for its £300m perpetual bonds with a call date of March 2018. The company received acceptances representing just under £286m of the outstanding £300m bonds, so will use the mop-up clause ...

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