Herbert Smith advises Bristol Water
on completion of major refinancing
23 May 2003 - Herbert Smith has advised existing client Bristol
Water plc on the process
of finalising new finance facilities that provide for repayment
of £20
million of existing bank debt and additional finance required for
its
on-going capital expenditure programme. The new structure will provide
a
better mix of financing and a considerably longer maturity profile,
more
appropriate to the long term nature of its asset base.
£15 million of index linked debt has been drawn through the
existing
monoline wrapped bond programme arranged by The Royal Bank of Scotland.
The
programme, Artesian Finance plc, was previously used by three other
water
companies. A further £30 million financing has been sought
on a fixed
interest basis through a new monoline wrapped bond programme issued
by
Artesian Finance II plc. The facilities entered into by Bristol
Water will
extend to 2032 and 2033 respectively.
Finance partner Dina Albagli and water regulation partner Trevor
Turtle
advised on the matter and were assisted by Foong Meng Ng.
Dina Albagli commented, "We are delighted to have been able
to use our
securitisation and water industry expertise to assist Bristol Water
on what
is a major refinancing for them."
Linklater's Anne Hoe advised The Royal Bank of Scotland.
Linklaters also advised Financial Security Assurance (U.K.) Limited.
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