Thames Water holds tender offer to term out holdco debt

By Owen Sanderson
12 Nov 2020

Thames Water’s holding company launched a sub-investment grade bond and tender offer to push out its 2022 maturity, announcing the new bond as markets firmed up on Monday.

Thames Water (Kemble) Finance offered a new £250m B1/B+ rated senior secured 5.5 year non-call life bond, through BNP Paribas, HSBC, Morgan Stanley, and RBC Capital Markets. At the same time, it is buying back its £175m 5.875% 2022 at 104.5. HSBC and Morgan Stanley are running the ...

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