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Kelda completes HoldCo bank refinancing

On 4th December 2015, Kelda Finance (NO.2) Limited (“Kelda”), the owner of Yorkshire Water, the water supply and treatment utility company servicing Yorkshire and parts of North Lincolnshire and Derbyshire, closed the refinancing of its £95m HoldCo bank loan facilities.

The 7 year facilities were arranged by ING Bank, and split into a £65m term loan and £30m undrawn revolving loan facility. The lenders were ING Bank and Bank of China with commitments of £65m and £30m respectively. The new facilities refinanced the remaining commitments of the 5 year bank facility signed in June 2012.
The key driver of the early refinancing of the bank facilities was the availability of competitively priced, medium term facilities. The refinancing results in a substantial margin reduction at the current leverage.

Centrus provided financial advice to Kelda in respect of the refinancing.

Adrian Hunt, Group Treasurer at Kelda said We are really pleased to have completed this refinancing, particularly as the pricing and other terms compare favourably with both the facility that it replaces and also other HoldCo transactions completed in 2015