Commentary & Deal Flow

Thames Water (Kemble) Finance plc (THAMES) GBP250m Reg S sr sec notes due May 19, 2026 (5.5y). NCL (3mo par call). B1/NR/B+ (stable/--/negative). Via BNPP/HSBC (B&D)/MS/RBC joint physical books, NatWest/Santander passive books. Off the EMTN programme. Semi-annual pay May 19 and Nov 19, starting 05/19/21. English law. List IDublin. Settles 11/19 (T+6). ISIN: XS2258560361. IPT low 5s. Px talk: 4.75%-5.00%.

Priced: 4.625% at 100. +450.9bp vs UKT 0.125% 01/30/26.

Roadshow 11/09-10. Books closed at 1:30pm UKT today (originally closing at 12pm UKT today). 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), repay GBP75m term loan, and GCP, including the repayment of other debt. Biz: drinking water distributor and wastewater-treatment service utility in the UK. HQ: Reading, UK.