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Asset Backed Securities
Utilities
Water Utilities
Parent Companies
Greensands Holdings Ltd
SW Finance I PLC (fka Southern Water Services Finance Ltd)
SW Finance I PLC (fka Southern Water Services Finance Ltd) (SWSFIN)
Deal Details
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)
£675
2
EMEA
Nov 12, 2025
Tranche #1
SW Finance I PLC (fka Southern Water Services Finance Ltd)
currency
GBP
size (m)
375.000
maturity
Nov 19, 2030
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
G
ranking
Sr. Secured
moody's
Ba1
s&p
BBB-
fitch
BBB-
size description
-
re-open/tap
No
ipt
G+230 area
ipt-pxd
-28
guidance
G+205 area
spread
202
coupon
5.75%
spread set
-
price
99.88800
yield
5.776%
book size (m)
1,350
peak book (m)
1,400
x-covered
3.6
book attrition
-3.57%
nic
-
billing & delivering
BRC
active leads
-
joint leads
BRC
,
RAB
,
SMB
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,350
peak book (m)
1,400
x-covered
3.6
book attrition
-3.57%
nic
-
billing & delivering
BRC
active leads
-
joint leads
BRC
,
RAB
,
SMB
passive leads
-
co-managers
-
coordinating managers
-
Tranche #2
SW Finance I PLC (fka Southern Water Services Finance Ltd)
currency
GBP
size (m)
300.000
maturity
Nov 19, 2033
type
Fixed
tenor
8.000
call
-
registration
Reg S Only
benchmark
G
ranking
Sr. Secured
moody's
Ba1
s&p
BBB-
fitch
BBB-
size description
-
re-open/tap
No
ipt
G+230 area
ipt-pxd
-28
guidance
G+205 area
spread
202
coupon
6.125%
spread set
-
price
99.47000
yield
6.21%
book size (m)
1,600
peak book (m)
1,750
x-covered
5.33
book attrition
-8.57%
nic
-
billing & delivering
BRC
active leads
-
joint leads
BRC
,
RAB
,
SMB
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,600
peak book (m)
1,750
x-covered
5.33
book attrition
-8.57%
nic
-
billing & delivering
BRC
active leads
-
joint leads
BRC
,
RAB
,
SMB
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1350; Registration: Reg S Only; Comments: GBP375m 5yr cpn fxd 5.75% at 99.888, yld 5.776%. Spread: UKT+202; Book size: 1600; Registration: Reg S Only; Comments: GBP300m 8yr cpn fxd 6.125% at 100, yld 6.125%. Spread: UKT+202;
Use of Proceeds
General corporate purposes (including payment of the consideration for the proposed tender of the Issuer's existing notes)
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