Thames Water Prices GBP550M Of Class B Bonds At Gilts +2.85

13th Jul 2010 13:39

LONDON (Dow Jones)--Thames Water Utilities Cayman Finance Limited has priced GBP550 million of class B, subordinated, secured bonds via lead managers Barclays Capital PLC, Deutsche Bank AG, HSBC Holdings PLC and Morgan Stanley, one of the banks leading the deal said Tuesday. Terms are as follows: Amount: GBP550 million Maturity: July 21, 2025 Coupon: 5.375% Reoffer Price: 99.59 Payment Date: July 21, 2010 Spread: 285 basis points over 4% Sept. 2016 gilts Call Option: July 21, 2017 Debt Ratings: Baa3 (Moody's) BBB (Standard & Poor's) Denominations: GBP50,000; GBP1,000 Listing: London The bonds are being sold under the borrower's Euro medium-term-note program. The coupon will step-up and switch to a floating rate if not called at the first call date, paying noteholders 796 basis points over three-month sterling Libor. -By Michael Wilson, Dow Jones Newswires; 44 20 7842 9349; [email protected] (END) Dow Jones Newswires July 13, 2010 08:39 ET (12:39 GMT)