Pennon finds 6.75% is the level for £300m unrated hybrid

01 Mar 2013

Pennon Group, owner of the UK’s South West Water, sold its first hybrid capital issue today, raising £300m.

Unusually for a water company, and a hybrid issuer, all entities in Pennon Group are unrated. The company has therefore not done the deal to support its ratings, but to strengthen its balance sheet in the eyes of shareholders, lenders and possibly its regulator.

“In their official IFRS accounts, ...

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