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April 2011 Water & Waste News

11 April 2011

Thames Water refinancing nears market Macquarie is preparing to launch a £400 million ($644 million) bond refinancing for UK utility Thames Water. The bonds fall under a £1 billion medium-term note programme, and would rank pari passu with a concurrent new £350 million bank financing. They refinance the bank debt that a Macquarie European Infrastructure Fund 1&2-led group of investors took out to buy Thames in 2006. The bond bookrunners, which were holding road­shows for the deal as Project Finance went to press, are BNP Paribas, JP Morgan and Morgan Stanley. The issuer is Thames Water (Kemble) Fin­ance Plc, a subsidiary of Kemble Water Finance Limited, which in turn owns the regulated operating company Thames Water Utilities Limited. Moody’s assigned the new holding company debt a pro­vi­sion­al B1 rating, noting that the operating assets, while enjoying strong and predict­able revenue streams, were ringfenced from the holding company and are themselves...


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