Thames Water Parent Bond Falls to Record Low on Loan Uncertainty [BNN Bloomberg (Canada)]
SEVERN TRENT PLC SPON/ADR (STRNY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
The £400 million ($508 million) bond, which matures in 2026, fell as much as 2.7 pence to a low of 31.53 pence, according to Bloomberg pricing source CBBT. The debt has been dropping in value since last summer, when concerns intensified about the debt pile and financial stability of Britain's biggest water supplier. The bonds slumped in recent days following an earlier Sky News report that a group of lenders to Thames Water's parent company hired EY as an adviser ahead of the loan's due date. Kemble is due to repay the £190 million by April 30. The companies are waiting for a verdict from industry watchdog Ofwat as to whether Thames breached license conditions by funneling a payment to parent Kemble last year, making it unclear how Kemble will get the funds to repay the loan. Read more: Thames Water's Future Hangs on Ruling Over Investor Payouts Hiring EY is a sign lenders don't want to extend the loan, according to bondholders, who asked not to be identified because they're
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News
- Thames Water to Release Updated Business Plan This Week [BNN Bloomberg (Canada)]BNN Bloomberg
- With 74% ownership, Severn Trent PLC (LON:SVT) boasts of strong institutional backing [Yahoo! Finance]Yahoo! Finance
- Thames Water Parent Bond Falls to Record Low on Loan Uncertainty [Yahoo! Finance]Yahoo! Finance
- UK Utilities Boost Sewage Spill Investment, But Not Thames Water [BNN Bloomberg (Canada)]BNN Bloomberg
- UK's Embattled Water Firms Turn to Euro Bonds to Fund Huge Investment Needs [BNN Bloomberg (Canada)]BNN Bloomberg