The Debt of Thames Water

Thames Water is the London water Utility.

www.thameswater.co.uk

It is owned by a group of investors:-

“Ontario Municipal Employees Retirement System (“OMERS”), one of Canada’s largest pension plans, and Wren House, the global direct infrastructure investment arm of the Kuwait Investment Authority, acquired the 26.3% managed stake from Macquire an Australian bank. OMERS has since agreed to increase its investment by a further 5.530%. When our recent sales complete towards the end of 2017, Thames Water will be jointly owned by 14 institutional investors – made up mostly of pension funds and sovereign wealth funds. The three largest
investors will represent pension funds – one based in Canada and two in the UK. All of our investors take a long-term view of the company’s infrastructure, its customers and the natural environment”

It carries debt to fund its business:-

https://corporate.thameswater.co.uk/-/media/Site-Content/Thames-Water/Corporate/AboutUs/Investors/Debt-investors/Kemble/Thames-Water-Kemble-Finance-plc/Investor-reports-and-presentations/Thames-Water-Utilities-including-Kemble-Water-Finance-Investor-Report-31-March-2017.pdf

a total of debt of £10,749.4 Million. That is £10.749 Billion

 

Book Value Bonds including accretion Class A 7,101.5
Book Value Bonds including accretion Class B 850.0
Total Book Value Bonds including accretion 7,951.5
Class A USPP Notes 479.1
Class B USPP Notes 119.8
Class A RPI linked loans including accretion of £134.4m 1,264.4
Accretion on Index-linked Swaps 223.3
Class A Floating Rate Loans 492.0
Class A Cross-currency swaps (78.9)
Class B Cross-currency swaps (23.2)
Class B Loans 179.0
Less TWUL Cash Investments (57.5)
TWUL Net Debt as per Compliance Certificate 10,549.5
Fees and Discounts (75.2)
Intercompany Loans* 300.0
Derivative financial liabilities (208.4)
Interest payable on amounts owed to group undertakings 179.2
Interest payable on secured bank loans 4.3
TWUL Net Debt as per accounts at 31 March 2017 10,749.4

 

Issuer Currency Face Value

(currency m)

Coupon % Maturity Date Class Description Face Value and accretion at 31 Mar 17 (£m)
TWUCF GBP 550.0 5.375% 21/07/2017* B Fixed Rate Bond 550.0
TWUF GBP 200.0 5.050% 30/06/2020 A Fixed Rate Bond 200.0
TWUF GBP 225.0 6.590% 20/04/2021 A Fixed Rate Bond 225.0
TWUF GBP 175.0 3.375% 21/07/2021 A RPI Linked Bond 264.3
TWUCF EUR 113.0 2.300% 18/07/2022 A CPI Linked Bond 100.6
TWUCF GBP 300.0 5.750% 13/09/2030 B Fixed Rate Bond 300.0
TWUCF GBP 500.0 4.000% 19/06/2025 A Fixed Rate Bond 500.0
TWUCF GBP 45.0 0.721% 21/12/2027 A RPI Linked Bond 46.0
TWUCF GBP 300.0 3.5% 25/02/2028 A Fixed Rate Bond 300.0
TWUF GBP 330.0 6.750% 16/11/2028 A Fixed Rate Bond 330.0
TWUF GBP 200.0 6.500% 09/02/2032 A Fixed Rate Bond 200.0
TWUCF GBP 300.0 4.375% 03/07/2034 A Fixed Rate Bond 300.0
TWUCF GBP 40.0 0.75% 18/12/2034 A RPI Linked Bond 40.9
TWUF GBP 600.0 5.125% 28/09/2037 A Fixed Rate Bond 600.0
TWUCF JPY 20,000.0 3.280% 20/08/2038 A Fixed Rate Bond 143.3
TWUCF GBP 50.0 3.853% 15/12/2040 A LPI Linked Bond 60.9
TWUCF GBP 500.0 5.500% 11/02/2041 A Fixed Rate Bond 500.0
TWUCF GBP 50.0 1.980% 28/08/2042 A RPI Linked Bond 64.4
TWUCF GBP 55.0 2.091% 06/10/2042 A RPI Linked Bond 68.4
TWUCF GBP 40.0 1.974% 12/10/2045 A RPI Linked Bond 45.7
TWUCF GBP 300.0 4.625% 04/06/2046 A Fixed Rate Bond 300.0
TWUCF GBP 100.0 1.846% 28/08/2047 A RPI Linked Bond 128.9
TWUCF GBP 200.0 1.819% 28/08/2049 A RPI Linked Bond 257.8
TWUF GBP 300.0 1.680% 11/07/2053 A RPI Linked Bond 408.2
TWUF GBP 300.0 1.681% 11/07/2055 A RPI Linked Bond 408.2
TWUCF GBP 200.0 1.771% 28/08/2057 A RPI Linked Bond 257.8
TWUCF GBP 400.0 7.738% 09/04/2058 A Fixed Rate Bond 400.0
TWUCF GBP 350.0 1.760% 28/08/2062 A RPI Linked Bond 451.1
TWUCF GBP 250.0 1.875% 24/01/2024 A Fixed Rate Bond 250.0
TWUCF GBP 250.0 2.625% 24/01/2032 A Fixed Rate Bond 250.0
Total 7,951.5

 

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