SW Finance I PLC (fka Southern Water Services Finance Ltd) (SWSFIN)

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SW Finance I PLC (fka Southern Water Services Finance Ltd) (SWSFIN)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	UTIL	PRCD	SWSFIN	SW Finance I PLC (fka Southern Water Services Finance Ltd)	£450		1	EMEA	Dec 5, 2023

Tranche #1SW Finance I PLC (fka Southern Water Services Finance Ltd)

currency

GBP

size (m)

450.000

maturity

Dec 12, 2041

type

Fixed

tenor

18.000

call

registration

Reg S Only

benchmark

ranking

Sr. Secured

moody's

Baa3

s&p

BBB

fitch

BBB

size description

re-open/tap

ipt

G+300 a

ipt-pxd

guidance

G+280-285

spread

280

coupon

7.375%

spread set

price

99.47200

yield

7.296%

book size (m)

1,700

peak book (m)

x-covered

3.78

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

1,700

peak book (m)

x-covered

3.78

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

18 yr: Book size: 1700; Registration: Reg S Only; Comments: GBP450m 18yr sustainability sec Class A bmk RegS. Baa3/BBB/BBB. DNV 2PO. Lloyds/NAB/NatWest(B&D). IPTs UKT 1.25% Oct 2041 (mid) +300 area, guidance UKT +280/+285 (wpir) for exp 400m, launch 450m at UKT +280. Books 1.7bn+ at tight end of guidance. UKT 1.25% Oct 2041 @ 60.410 mid, 60.360 bid (HR 111%). FTT 4pm. MWC: Yes G+45. Tax Call: No. PP: No. XD: No;

Deal Comments

Sustainability Bond

Guarantor(s)

Southern Water Services Ltd, SWS Holdings Ltd, SW (Finance) II Ltd and SWS Group Holdings Ltd

Use of Proceeds

Refinancing

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SW Finance I PLC (fka Southern Water Services Finance Ltd) (SWSFIN)

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