Thames Water Offers New Bonds, Plans Buyback to ‘Optimise’ Debt - BNN Bloomberg

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Thames Water Ltd is offering new debt options and getting rid of some of its bonds that are set to mature in 2025. The utility company is taking steps to address the large amount of funding it will require in the upcoming years.

On Monday, a person who wishes to remain anonymous revealed that the British utility firm will be issuing bonds with a maturity of seven and 20 years. The spread for both bonds is expected to be between 340 to 350 basis points over UK gilts. Additionally, the company is also planning to launch a tender offer for some of its bonds that are due in June 2025.

The UK water industry has been in turmoil due to a crisis at Thames Water. This has happened as the company's debts have risen, while the public has been calling for improvements to be made to the infrastructure and an end to the release of sewage into waterways. Thames Water supplies water to many households in London and surrounding regions, and is seen as too important to be allowed to fail. The situation has become so dire that discussions were had with government officials last year about the possibility of temporarily nationalizing the company.

Thames Water is issuing bonds through its finance division, Thames Water Utilities Finance Plc. According to Thames Water's filling, the aim of the tender offer for the June 2025 bonds is to improve the company's debt maturity profile, among other objectives.