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Commentary & Deal Flow

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by Anna Tkachenko

May 05, 2026 8:37 AM ET

LAUNCHED: SW Finance I £300m 8.5yr Snr Sec; G+198bp

IGC European Market: Deal Flow - General

Issuer	Term	Maturity	Size	Ranking	Type	IPT	Guidance	Spread Set
SW Finance I	8.5yr	14-Nov-34	£300m	Snr Sec	Fixed	UKT+215a	G+200a	G+198

Launched: 8.5yr: £300m @ G+198bp - Books in excess of £645m (pre rec)
Guidance: 8.5yr: G+200a (+/-2 WPIR) - Books in excess of £835m
IPTs: 8.5yr: UKT+215a

Issuer: SW Finance I PLC
Guarantors: Southern Water Services Ltd, SWS Holdings Ltd, SW Finance II Ltd and SWS Group Holdings Ltd
Expected Issue Ratings: Ba1/BBB-/BBB- (Moody's/S&P/Fitch)
Format: Reg S, Bearer, Senior Secured, Class A
Size: £300m
Par Call: 3-month par call
Use of Proceeds: GCP, including payment of the consideration for the proposed tender of the issuer's existing notes (ISIN: XS2325617939)
Settlement: 14-May-26 (T+5)
Denominations: £100k x £1k
ISIN: XS3368929702
Bookrunners: Lloyds (B&D), MS, NatWest
Optional Redemption: Redeemable at (i) par on or after 3 months prior to the Maturity Date or (ii) Make Whole at Gilts + 15% of re-offer spread
Target Market: Eligible counterparties and professional clients only (all distribution channels)
Interest Payment Dates: Semi-annual
Day Count Basis: Act/Act (ICMA)
Books Subject: 13.10 UKT