{"id":2640,"date":"2018-07-21T01:18:52","date_gmt":"2018-07-21T01:18:52","guid":{"rendered":"http:\/\/asadkarim.co.uk\/?p=2640"},"modified":"2018-07-03T13:25:00","modified_gmt":"2018-07-03T13:25:00","slug":"the-debt-of-thames-water","status":"publish","type":"post","link":"https:\/\/www.asadkarim.co.uk\/?p=2640","title":{"rendered":"The Debt of Thames Water"},"content":{"rendered":"

Thames Water is the London water Utility.<\/p>\n

www.thameswater.co.uk<\/p>\n

It is owned by a group of investors:-<\/p>\n

“Ontario Municipal Employees Retirement System (\u201cOMERS\u201d), one of Canada\u2019s 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 \u2013 made up mostly of pension funds and sovereign wealth funds. The three largest
\ninvestors will represent pension funds \u2013 one based in Canada and two in the UK. All of our investors take a long-term view of the company\u2019s infrastructure, its customers and the natural environment”<\/p>\n

It carries debt to fund its business:-<\/p>\n

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><\/p>\n

a\u00a0total of debt of \u00a310,749.4 Million. That is \u00a310.749 Billion<\/b><\/span><\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Book Value Bonds including accretion Class A <\/span><\/td>\n7,101.5 <\/span><\/td>\n<\/tr>\n
Book Value Bonds including accretion Class B <\/span><\/td>\n850.0 <\/span><\/td>\n<\/tr>\n
<\/b>Total Book Value Bonds including accretion <\/b><\/span><\/td>\n<\/b>7,951.5 <\/b><\/span><\/td>\n<\/tr>\n
Class A USPP Notes <\/span><\/td>\n479.1 <\/span><\/td>\n<\/tr>\n
Class B USPP Notes <\/span><\/td>\n119.8 <\/span><\/td>\n<\/tr>\n
Class A RPI linked loans including accretion of \u00a3134.4m <\/span><\/td>\n1,264.4 <\/span><\/td>\n<\/tr>\n
Accretion on Index-linked Swaps <\/span><\/td>\n223.3 <\/span><\/td>\n<\/tr>\n
Class A Floating Rate Loans <\/span><\/td>\n492.0 <\/span><\/td>\n<\/tr>\n
Class A Cross-currency swaps <\/span><\/td>\n(78.9) <\/span><\/td>\n<\/tr>\n
Class B Cross-currency swaps <\/span><\/td>\n(23.2) <\/span><\/td>\n<\/tr>\n
Class B Loans <\/span><\/td>\n179.0 <\/span><\/td>\n<\/tr>\n
Less TWUL Cash Investments <\/span><\/td>\n(57.5) <\/span><\/td>\n<\/tr>\n
<\/b>TWUL Net Debt as per Compliance Certificate <\/b><\/span><\/td>\n<\/b>10,549.5 <\/b><\/span><\/td>\n<\/tr>\n
Fees and Discounts <\/span><\/td>\n(75.2) <\/span><\/td>\n<\/tr>\n
Intercompany Loans* <\/span><\/td>\n300.0 <\/span><\/td>\n<\/tr>\n
Derivative financial liabilities <\/span><\/td>\n(208.4) <\/span><\/td>\n<\/tr>\n
Interest payable on amounts owed to group undertakings <\/span><\/td>\n179.2 <\/span><\/td>\n<\/tr>\n
Interest payable on secured bank loans <\/span><\/td>\n4.3 <\/span><\/td>\n<\/tr>\n
<\/b>TWUL Net Debt as per accounts at 31 March 2017 <\/b><\/span><\/td>\n<\/b>10,749.4 <\/b><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/b>Issuer <\/b><\/span><\/td>\n<\/b>Currency <\/b><\/span><\/td>\nFace Value<\/p>\n

(currency m) <\/b><\/span><\/td>\n

<\/b>Coupon % <\/b><\/span><\/td>\n<\/b>Maturity Date <\/b><\/span><\/td>\n<\/b>Class <\/b><\/span><\/td>\n<\/b>Description <\/b><\/span><\/td>\n<\/b>Face Value and accretion at 31 Mar 17 (\u00a3m) <\/b><\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n550.0 <\/span><\/td>\n5.375% <\/span><\/td>\n21\/07\/2017* <\/span><\/td>\nB <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n550.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n200.0 <\/span><\/td>\n5.050% <\/span><\/td>\n30\/06\/2020 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n200.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n225.0 <\/span><\/td>\n6.590% <\/span><\/td>\n20\/04\/2021 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n225.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n175.0 <\/span><\/td>\n3.375% <\/span><\/td>\n21\/07\/2021 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n264.3 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nEUR <\/span><\/td>\n113.0 <\/span><\/td>\n2.300% <\/span><\/td>\n18\/07\/2022 <\/span><\/td>\nA <\/span><\/td>\nCPI Linked Bond <\/span><\/td>\n100.6 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n300.0 <\/span><\/td>\n5.750% <\/span><\/td>\n13\/09\/2030 <\/span><\/td>\nB <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n300.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n500.0 <\/span><\/td>\n4.000% <\/span><\/td>\n19\/06\/2025 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n500.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n45.0 <\/span><\/td>\n0.721% <\/span><\/td>\n21\/12\/2027 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n46.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n300.0 <\/span><\/td>\n3.5% <\/span><\/td>\n25\/02\/2028 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n300.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n330.0 <\/span><\/td>\n6.750% <\/span><\/td>\n16\/11\/2028 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n330.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n200.0 <\/span><\/td>\n6.500% <\/span><\/td>\n09\/02\/2032 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n200.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n300.0 <\/span><\/td>\n4.375% <\/span><\/td>\n03\/07\/2034 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n300.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n40.0 <\/span><\/td>\n0.75% <\/span><\/td>\n18\/12\/2034 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n40.9 <\/span><\/td>\n<\/tr>\n
<\/b>TWUF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n600.0 <\/span><\/td>\n5.125% <\/span><\/td>\n28\/09\/2037 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n600.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nJPY <\/span><\/td>\n20,000.0 <\/span><\/td>\n3.280% <\/span><\/td>\n20\/08\/2038 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n143.3 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n50.0 <\/span><\/td>\n3.853% <\/span><\/td>\n15\/12\/2040 <\/span><\/td>\nA <\/span><\/td>\nLPI Linked Bond <\/span><\/td>\n60.9 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n500.0 <\/span><\/td>\n5.500% <\/span><\/td>\n11\/02\/2041 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n500.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n50.0 <\/span><\/td>\n1.980% <\/span><\/td>\n28\/08\/2042 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n64.4 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n55.0 <\/span><\/td>\n2.091% <\/span><\/td>\n06\/10\/2042 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n68.4 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n40.0 <\/span><\/td>\n1.974% <\/span><\/td>\n12\/10\/2045 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n45.7 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n300.0 <\/span><\/td>\n4.625% <\/span><\/td>\n04\/06\/2046 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n300.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n100.0 <\/span><\/td>\n1.846% <\/span><\/td>\n28\/08\/2047 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n128.9 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n200.0 <\/span><\/td>\n1.819% <\/span><\/td>\n28\/08\/2049 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n257.8 <\/span><\/td>\n<\/tr>\n
<\/b>TWUF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n300.0 <\/span><\/td>\n1.680% <\/span><\/td>\n11\/07\/2053 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n408.2 <\/span><\/td>\n<\/tr>\n
<\/b>TWUF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n300.0 <\/span><\/td>\n1.681% <\/span><\/td>\n11\/07\/2055 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n408.2 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n200.0 <\/span><\/td>\n1.771% <\/span><\/td>\n28\/08\/2057 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n257.8 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n400.0 <\/span><\/td>\n7.738% <\/span><\/td>\n09\/04\/2058 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n400.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n350.0 <\/span><\/td>\n1.760% <\/span><\/td>\n28\/08\/2062 <\/span><\/td>\nA <\/span><\/td>\nRPI Linked Bond <\/span><\/td>\n451.1 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n250.0 <\/span><\/td>\n1.875% <\/span><\/td>\n24\/01\/2024 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n250.0 <\/span><\/td>\n<\/tr>\n
<\/b>TWUCF <\/b><\/span><\/td>\nGBP <\/span><\/td>\n250.0 <\/span><\/td>\n2.625% <\/span><\/td>\n24\/01\/2032 <\/span><\/td>\nA <\/span><\/td>\nFixed Rate Bond <\/span><\/td>\n250.0 <\/span><\/td>\n<\/tr>\n
<\/b>Total <\/b><\/span><\/td>\n<\/b>7,951.5 <\/b><\/span><\/p>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Thames Water is the London water Utility. www.thameswater.co.uk It is owned by a group of investors:- “Ontario Municipal Employees Retirement System (\u201cOMERS\u201d), one of Canada\u2019s 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2640","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2640"}],"version-history":[{"count":1,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2640\/revisions"}],"predecessor-version":[{"id":2641,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2640\/revisions\/2641"}],"wp:attachment":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}