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LONDON - United Utilities (OTC:UUGRY) Water Finance PLC announced Thursday it plans to issue a 10-year euro-denominated green bond, with stabilization measures expected to begin immediately.
The bond, guaranteed by United Utilities Water Limited, will be managed by a consortium of financial institutions including Barclays (LON:BARC), Deutsche Bank (ETR:DBKGn), J.P. Morgan, Goldman Sachs International, and Mizuho (NYSE:MFG), according to a press release statement.
Initial price guidance for the bond has been set at 145-150 basis points over the mid-swap rate. The bond will trade under the ISIN code XS3144971127.
The stabilization period for the bond is scheduled to run from July 31 through September 18, 2025. During this time, stabilization managers may over-allot securities or conduct transactions to support the market price at levels higher than might otherwise prevail, though stabilization is not guaranteed to occur.
The aggregate nominal amount of the green bond has not yet been specified. The bond issuance follows the trend of utilities companies raising funds through environmentally-focused debt instruments.
The securities have not been registered under the United States Securities Act of 1933 and will not be offered in the United States. The offering is primarily directed at qualified investors in the European Economic Area and the United Kingdom (TADAWUL:4280).
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