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

Pennon
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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.