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Thames Water debt out

05 December 2006

The £3.9 billion debt backing Macquarie's acquisition of Thames Water has been launched to the market. The package uses three levels of acquisition debt and is tranched to lower the regulatory risk with rated, quasi-investment grade, and unrated facilties. The deal is less leveraged than the comparable Anglian and Southern water deals which were banked at around 85% debt to regulated asset value (RAV). The Thame Water acquisition is lead arranged by Barclays Capital, Dresdner Kleinwort, HSBC and RBC, and is being offered to sub-underwriters on a £250 million...


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