TIDM31HI
RNS Number : 7801T
Southern Water Serv (Finance) Ltd
26 November 2021
SOUTHERN WATER SERVICES LIMITED ANNOUNCES THE RESULTS OF A STID
PROPOSAL
26 November 2021
Announcement of the results of the STID Proposal
Southern Water Services (Finance) Limited (the "Issuer")
announces today the results of a STID Proposal by Southern Water
Services Limited (the "Proposer") regarding certain amendments as
described in the proposal dated 26 October 2021 (the "STID
Proposal").
Following meetings of the holders of the bonds (as set out in
the Schedule to this notice, together the "Bonds") of the Issuer
and the passing of the STID Voting Date, the decision of the
Majority Creditors was in favour of the STID Proposal proposed by
the Proposer and accordingly the STID Proposal has been approved
pursuant to and in accordance with the provisions of the STID.
Satisfaction of the Amendment Conditions and implementation of
the transactions set out in the STID Proposal will be announced as
soon as practicable.
Capitalised terms used but not defined in this announcement have
the same meaning given to them in the Solicitation Memorandum.
Instruction Fees
Further to the notice to the Secured Creditors by the Security
Trustee confirming the approval of the STID Proposal pursuant to
and in accordance with the provisions of the STID, payment of the
Instruction Fee will be made by or on behalf of the Issuer, in
accordance with the provisions of the Solicitation Memorandum, to
the relevant Bondholders of the Bonds on the Payment Date (and
their Bonds will be unblocked in the applicable Clearing Systems on
such Payment Date).
Disclaimer
This announcement must be read in conjunction with the
Solicitation Memorandum. This announcement and the Solicitation
Memorandum contain important information which should be read
carefully. If any Bondholder is in any doubt about any aspect of
these proposals and/or the action it should take, it is recommended
to seek its own financial, legal, regulatory or other advice,
including as to any tax consequences, from its stockbroker, bank
manager, solicitor, accountant, independent or other adviser
authorised under the Financial Services and Markets Act 2000, as
amended (if in the United Kingdom) or from another appropriately
authorised independent financial adviser and such other
professional advice from its own professional advisers as it deems
necessary. This announcement is issued by Southern Water Services
Limited. None of the Sole Solicitation Agent, the Security Trustee
or the Bond Trustee accepts any responsibility for the contents of
this announcement.
This announcement is released by Southern Water Services Limited
and contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("UK MAR"), encompassing information relating
to the Proposals described above. For the purposes of UK MAR and
Article 2 of Commission Implementing Regulation (EU) 2016/1055 as
it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018, this announcement is made by
Richard Manning (Company Secretary) at Southern Water Services
Limited.
For Further Information:
Further details on the Consent Solicitation can be obtained
from:
The Solicitation Agent
NatWest Markets Plc
250 Bishopsgate
London EC2M 4AA
United Kingdom
Telephone: +44 (0) 20 7678 5222
Email: liabilitymanagement@natwestmarkets.com
Attention: Liability Management
The Tabulation Agent
Lucid Issuer Services Limited
The Shard
32 London Bridge Street
London SE1 9SG
United Kingdom
Telephone: +44 207 704 0880
Email: southernwater@lucid-is.com
Attention: Jacek Kusion / Harry Ringrose
This notice is given by:
Southern Water Services (Finance) Limited in its capacity as
Issuer
26 November 2021
Legal Entity Identifier numbers:
Southern Water Services Limited - 54930007FJVKQFI3NF97
Southern Water Services (Finance) Limited -
213800BTY35K1724Z452
Schedule
1. Sub-Class A1 GBP350,000,000 6.192 per cent. Wrapped Bonds due
2029 (XS0172989252) (guaranteed by Southern Water Services Limited,
SWS Holdings Limited and SWS Group Holdings Limited);
2. Sub-Class A2a GBP150,000,000 Index-Linked Wrapped Bonds due
2034 (XS0173036194) (guaranteed by Southern Water Services Limited,
SWS Holdings Limited and SWS Group Holdings Limited);
3. Sub-Class A2b GBP35,000,000 Limited Indexed Wrapped Bonds due
2034 (XS0173059998) (guaranteed by Southern Water Services Limited,
SWS Holdings Limited and SWS Group Holdings Limited);
4. Sub-Class A4 GBP350,000,000 6.640 per cent. Unwrapped Bonds
due 2026 (XS0172992637) (guaranteed by Southern Water Services
Limited, SWS Holdings Limited and SWS Group Holdings Limited);
5. Sub-Class A5 GBP150,000,000 Index-Linked Unwrapped Bonds due
2023 (XS0173041517) (guaranteed by Southern Water Services Limited,
SWS Holdings Limited and SWS Group Holdings Limited);
6. Sub-Class A8 GBP150,000,000 5.00 per cent. Wrapped Bonds due
31 March 2041 (XS0220566383) (guaranteed by Southern Water Services
Limited, SWS Holdings Limited and SWS Group Holdings Limited);
7. GBP200,000,000 Sub-Class A9 4.50 per cent. Wrapped Bonds due
March 2052 (XS0271386244) (guaranteed by Southern Water Services
Limited, SWS Holdings Limited and SWS Group Holdings Limited);
and
8. GBP300,000,000 Sub-Class A10 5.125 per cent. Wrapped Bonds
due September 2056 (XS0308998144) (guaranteed by Southern Water
Services Limited, SWS Holdings Limited and SWS Group Holdings
Limited).
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END
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