Commentary & Deal Flow

Thames Water (Kemble) Finance plc (THAMES) GBP250m Reg S sr sec notes due May 2026 (5.5y). NCL (3mo par call). Expect B1/NR/B+. Via BNPP/HSBC (B&D)/MS/RBC joint physical books, NatWest/Santander passive books. Off the EMTN programme. English law. List Irish Stock Exchange. Roadshow today/tomorrow. Pricing thereafter. UOP: fund the tender offer for its existing GBP175m 5.875% sr sec notes due 07/15/22 (104.50 fixed price, HSBC/MS dealer managers), GCP, including the repayment of other debt. Biz: drinking water distributor and wastewater-treatment service utility in the UK. HQ: Reading, UK.