top of page

Thames Water Utilities Finance Plc - Tender Offer (XS) - Max Acceptance Amount and Pricing of New Notes

THAMES WATER UTILITIES FINANCE PLC ANNOUNCES MAXIMUM ACCEPTANCE AMOUNT IN RESPECT OF ITS TENDER OFFER AND PRICING OF THE NEW NOTES

23 JANUARY 2024


Full announcement including disclaimers and offer restrictions available via Lonse


"Further to the announcement dated 22 January 2024, Thames Water Utilities Finance plc[1] (the "Company") announces today (i) the Maximum Acceptance Amount in respect of its invitation to holders of its outstanding Class A £500,000,000 4 per cent. Guaranteed Unwrapped Bonds due June 2025 (ISIN: XS1078777114, such Notes initially issued by Thames Water Utilities Cayman Finance Limited) (the "Notes") to tender their Notes for purchase by the Company for cash up to the Maximum Acceptance Amount (subject to the satisfaction (or waiver) of the New Financing Condition (such invitation, the "Offer")); and (ii) the pricing of the New Notes (as defined below).


Maximum Acceptance Amount


The Maximum Acceptance Amount, which is the maximum aggregate nominal amount of Notes the Company proposes to accept for purchase pursuant to the Offer, has been set at £500,000,000 (although the Company reserves the right, in its sole and absolute discretion, to accept significantly less than such amount, or to accept none of such Notes, for purchase pursuant to the Offer (the final aggregate nominal amount of Notes accepted for purchase pursuant to the Offer being the "Final Acceptance Amount"), as further described in the tender offer memorandum dated 22 January 2024 (the "Tender Offer Memorandum") prepared by the Company in connection with the Offer). 

The Company will announce the results of the Offer on 29 January 2024. In light of the Maximum Acceptance Amount being equal to the nominal amount of the Notes, (i) the Company will not be making an announcement of indicative results on 29 January 2024 and (ii) if the Company accepts any Notes validly tendered for purchase pursuant to the Offer, it intends to accept all Notes validly tendered for purchase pursuant to the offer without scaling.

For the avoidance of doubt, whether the Company will accept for purchase any Notes validly tendered in the Offer is subject, without limitation, to the successful completion (in the sole determination of the Company) of the issue of the New Notes (the "New Financing Condition") unless such condition is waived in the sole and absolute discretion of the Company.


The Offer is being made on the terms and subject to the conditions contained in the Tender Offer Memorandum, and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum. Capitalised terms used but not otherwise defined in this announcement shall have the meanings given to them in the Tender Offer Memorandum.


Pricing of the New Notes


The Company also announces that it has priced £275,000,000 in aggregate nominal amount of sterling denominated 7.125 per cent. Fixed Rate Class A Guaranteed Notes due 30 April 2031 (the "2031 Notes") and £575,000,000 in aggregate nominal amount of sterling denominated 7.750 per cent. Fixed Rate Class A Guaranteed Notes due 30 April 2044 (the "2044 Notes" and together with the 2031 Notes, the "New Notes") under its £15,000,000,000 Guaranteed Bond Programme. Settlement of the New Notes is expected to take place on or about 30 January 2024 and an application will be made to the Financial Conduct Authority (the "FCA") for the New Notes to be admitted to the official list of the FCA and be admitted to trading on the London Stock Exchange's Main Market."


...


 

Thames Water Utilities Finance plc announces a Tender Offer in respect of its Class A £500,000,000 4 per cent. Guaranteed Unwrapped Bonds due June 2025* (ISIN: XS1078777114) and proposed issue of new sterling denominated fixed rate notes (the "New Notes")

22 JANUARY 2024


Full announcement including disclaimers and offer restrictions available via Lonse


22 January 2024. Thames Water Utilities Finance plc[1] (the "Company") announces today an invitation to the holders of its outstanding Class A £500,000,000 4 per cent. Guaranteed Unwrapped Bonds due June 2025 (ISIN: XS1078777114) (the "Notes") to tender their Notes for purchase by the Company for cash (the "Offer").

The Offer is being made on the terms and subject to the conditions including, without limitation, the New Financing Condition (as defined below), contained in a tender offer memorandum dated 22 January 2024 (the "Tender Offer Memorandum") prepared by the Company, and is subject to the offer restrictions set out below and as more fully described in the Tender Offer Memorandum.


...


Summary of the Offer



Rationale for the Offer


The purpose of the Offer and the planned issuance of New Notes (as defined below) is, amongst other things, to optimise the Company's debt maturity profile. Furthermore, the Offer will provide liquidity to those holders whose Notes are accepted and purchased in the Offer.

The Company intends to cancel any Notes purchased by the Company pursuant to the Offer following the Settlement Date (as defined below)."


...


 
Thames Water Utilities Finance plc announces a Tender Offer in respect of its Class A £500,000,000 4 per cent. Guaranteed Unwrapped Bonds due June 2025* (ISIN: XS1078777114) and proposed issue of new sterling denominated fixed rate notes (the "New Notes")

22 JANUARY 2024


Full announcement including disclaimers and offer restrictions available via Lonse


More information to follow later today. For the full announcement, please visit the London Stock Exchange website.

Tags:

18 views0 comments

Comments


bottom of page