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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
UTIL
PRCD
OSPRAQ
Anglian Water Osprey Financing PLC£350
1EMEA
Feb 11, 2026
currency
GBP
size (m)
350.000
maturity
Aug 18, 2033
type
Fixed
tenor
7.500
call
-
registration
Reg S Only
benchmark
G
ranking
Sr. Secured
moody's
-
s&p
-
fitch
BBB-
size description
-
re-open/tap
No
ipt
G+225 area
ipt-pxd
-15
guidance
n/a - straight to launch
spread
210
coupon
6.375%
spread set
-
price
99.43000
yield
6.482%
book size (m)
880
peak book (m)
950
x-covered
2.51
book attrition
-7.37%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
880
peak book (m)
950
x-covered
2.51
book attrition
-7.37%
nic
-
billing & delivering
active leads
joint leads
-
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 880; Registration: Reg S Only; Comments: GBP350m 7.5yr, cpn 6.375% at 99.430, yld 6.482%. Spread: G+210. Make Whole Call at UKT + 35. LEI: 21380072JDZ74GW9ZY87;
Deal Comments
Reoffer: Long 7yr: UKT+210bp / 99.43 / 6.482% Benchmark: Long 7yr: 0.875% UKT due 31-Jul-33 @ 78.432 / HR 108% Final Books: Long 7yr: In excess of £880m Launched: Long 7yr: £350m @ UKT+210bp - Final books in excess of £880m IPTs: Long 7yr: UKT+225a Issuer: Anglian Water (Osprey) Financing Plc Ticker: OSPRAQ Country: GB Guarantor: Osprey Acquisitions Limited, Osprey Investco Limited Issuer LEI: 21380072JDZ74GW9ZY87 Expected Issue Ratings: BBB- by Fitch Format: Senior, Secured, RegS, Category 2, Tefra D, Bearer, NGN Settlement Date: 18-Feb-26 (T+5) Size: £350m Tenor: Long 7-year (Short 1st Coupon) Maturity Date: 18-Aug-33 Reoffer: UKT + 210bp | 6.380% s.a. | 6.482% Yield ann. | 99.430 px Coupon: 6.375% FXD, Annual, Act/Act (ICMA) Benchmark: 0.875% UKT due 31-Jul-33 (ISIN: GB00BM8Z2S21) HR: 108% Par Call: 3-month ISIN: XS3298819973 Denoms: £100k+£1k Optional Redemption: Make Whole Call at UKT + 35bp Docs/Listing/Governing Law: In accordance with the Issuer’s £10bn Guaranteed Secured MTN Programme dated 09-Oct-25 / London Stock Exchange (Regulated Market) / English Law Clearing: Euroclear / Clearstream, Luxembourg Use of Proceeds: General Corporate Purposes Selling restrictions: As per the Base Prospectus dated 09-Oct-25 Sole Bookrunners: HSBC (B&D) Target Market: Manufacturer target market (EU MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPS key information document (KID) has been prepared as not available to retail in EEA or UK Advertisement: The Offering Circular and any supplements are available on the website of the London Stock Exchange www.londonstockexchange.com The Final Terms, when published, will be available on the website of the London Stock Exchange www.londonstockexchange.com Timing: TOE: 14.14 UKT | FTT: 14.45 UKT Stabilisation: Applicable, stabilisation regulations apply, including FCA/ICMA
Guarantor(s)
Osprey Acquisitions Ltd, Osprey Investco Ltd
Use of Proceeds
General Corporate Purposes

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