Less Ads, More Data, More Tools Register for FREE

Pin to quick picksThames Wuf3.375 Regulatory News (AK07)

Share Price Information for Thames Wuf3.375 (AK07)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 169.50
Bid: 164.50
Ask: 174.50
Change: 0.00 (0.00%)
Spread: 10.00 (6.08%)
Open: 169.50
High: 0.00
Low: 0.00
Yest. Close: 169.50
AK07 Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Thames Wtr Util. Ltd - Substitution of Cayman Issuer

Fri, 31st Aug 2018 12:08

RNS Number : 4365Z
Thames Water Utilities Limited
31 August 2018
 

THAMES WATER UTILITIES LIMITED ANNOUNCES SUBSTITUTION OF ITS CAYMAN ISSUER

31 August 2018

Further to the announcement made by Thames Water Utilities Finance Limited ("TWUF") and Thames Water Utilities Cayman Finance Limited ("TWUCF") dated 4 June 2018, and in furtherance of certain amendments described in a proposal dated 4 June 2018 (the "STID Proposal"), the following conditions have been satisfied:

(a)          Rating Agency confirmations confirming that the implementation of the STID Proposal would not cause a downgrade or removal of the rating of the Bonds or the shadow rating of the Wrapped Bonds (or the Issuer has certified to the Bond Trustee that it has notified each Rating Agency of the proposed substitution and none of the Rating Agencies has, within 10 Business Days of receipt of such notification, notified the Issuer that such substitution would result in a downgrade of any Tranche of Bonds below the then current rating ascribed to such Tranche of Bonds);

(b)          the approval of the STID Proposal and the announcement by the Security Trustee of such approval;

(c)          the delivery to the Security Trustee and Bond Trustee of certain legal opinions of Linklaters LLP as to matters of capacity and enforceability of certain transaction documents;

(d)          certifications of Thames Water Utilities Limited ("TWUL"), TWUF or TWUCF as to certain matters set out more fully in the STID Proposal; and

(e)          the other conditions set out in paragraph 4 of the form of the STID Proposal,

(the "Amendment Conditions").

Following satisfaction of the Amendment Conditions, TWUCF has been substituted with TWUF, a limited liability company incorporated in England and Wales, as the issuer of the debt issued by TWUCF, including for the following series of bonds:

1.             Bonds listed on the London Stock Exchange

a.             €113,000,000 2.3 per cent. Index Linked Class A Guaranteed Unwrapped Bonds due 18 July 2022 (XS0649823035) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

b.             £500,000,000 4 per cent. Class A Guaranteed Unwrapped Bonds due 19 June 2025 (XS1078777114) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

c.             £300,000,000 4.375 per cent. Class A Guaranteed Unwrapped Bonds due 3 July 2034 (XS0800185174) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

d.             JPY 20,000,000,000 3.28 per cent. Fixed Rate Class A Unwrapped Bonds due 20 August 2038 (XS0382041225) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

e.             £50,000,000 3.853 per cent. Sub-Class A1 Index-Linked Unwrapped Bonds due 15 December 2040 (XS0404852526) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

f.              £500,000,000 5.50 per cent. Class A Guaranteed Unwrapped Bonds due 11 February 2041 (XS0590171103) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

g.             £50,000,000 1.98 per cent. Sub-Class A5 Index-Linked Unwrapped Bonds due 28 August 2042 (XS0318577912) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Finance Limited);

h.             £55,000,000 2.091 per cent. Class A Guaranteed Unwrapped Index-Linked Bonds due 6 October 2042 (XS0455926260) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

i.              £40,000,000 1.974 per cent. Class A Guaranteed Unwrapped Index-Linked Bonds due 12 October 2045 (XS0548262061) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

j.              £300,000,000 4.625 per cent. Class A Guaranteed Unwrapped Bonds due 4 June 2046 (XS0800186222) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

k.             £100,000,000 1.846 per cent. Sub-Class A4 Index-Linked Unwrapped Bonds due 28 August 2047 (XS0318577755) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Finance Limited);

l.              £200,000,000 1.819 per cent. Sub-Class A3 Index-Linked Unwrapped Bonds due 28 August 2049 (XS0318577672) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Finance Limited);

m.            £200,000,000 1.771 per cent. Sub-Class A2 Index-Linked Unwrapped Bonds due 28 August 2057 (XS0318577599) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited and Thames Water Utilities Finance Limited);

n.             £350,000,000 1.76 per cent. Sub-Class A1 Index-Linked Unwrapped Bonds due 28 August 2062 (XS0318577326) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited); and

o.             £300,000,000 Fixed Rate 5.75 per cent. Class B Unwrapped Bonds due 13 September 2030 (XS0540190096) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited).

2.             Bonds listed on Euronext Dublin

a.             £250,000,000 1.875 per cent. Class A Guaranteed Unwrapped Bonds due 24 January 2024 (XS1555168282) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

b.             CAD250,000,000 2.875 per cent. Class A Guaranteed Unwrapped Bonds due 12 December 2024 (CAG8787NAB06) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

c.             £45,000,000 0.721 per cent. Index Linked Class A Unwrapped Bonds due 21 December 2027 (XS1335311574) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

d.             £300,000,000 3.5 per cent. Class A Guaranteed Unwrapped Bonds due 25 February 2028 (XS1371533867) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

e.             £250,000,000 2.625 per cent. Class A Guaranteed Unwrapped Bonds due 24 January 2032 (XS1555168365) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

f.              £40,000,000 0.75 per cent. Index Linked Class A Bonds due 18 December 2034 (XS1334772925) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

g.             £400,000,000 7.738 per cent. Guaranteed Class A Unwrapped Bonds due 9 April 2058 (XS1537083716) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited);

h.             £250,000,000 2.875 per cent. Class B Guaranteed Unwrapped Bonds due 3 May 2027 (XS1605393054) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited); and

i.              £300,000,000 2.375 per cent. Class B Guaranteed Unwrapped Bonds due 3 May 2023 (XS1605392676) (guaranteed by Thames Water Utilities Holdings Limited, Thames Water Utilities Limited, Thames Water Utilities Finance Limited and Thames Water Utilities Cayman Finance Holdings Limited).

 

In addition to the bonds listed above, TWUF has replaced TWUCF as the issuer of all of its US private placement notes. In total, approximately £6.3 billion of bonds and US private placement notes have transferred to TWUF.

Capitalised terms used in this announcement and not defined herein shall have the meanings ascribed to them in the Solicitation Memorandum dated 4 June 2018 (the "Solicitation Memorandum").

The next step will be the liquidation and disposal of TWUCF and Thames Water Utilities Cayman Finance Holdings Limited from the TWU Financing Group. Implementation of the liquidation and disposal processes will be announced as soon as practicable.

For further information, please contact David Hughes (Company Secretary) at +44 (0)20 3577 4049.

 

This notice is given by:

THAMES WATER UTILITIES LIMITED

 

31 August 2018

This announcement is released by Thames Water Utilities Limited and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the Proposals described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by David Hughes (Company Secretary) at Thames Water Utilities Limited.

 

Legal Entity Identifier numbers:

Thames Water Utilities Cayman Finance Limited:            213800ESMPQ4RQ7G8351

Thames Water Utilities Finance Limited:                            213800SKZTSE2L1BII69

Thames Water Utilities Limited:                                           213800JKM5UQHFJOTZ25

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCEAFPFDEKPEFF

Login to your account

Don't have an account? Click here to register.