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Southern Water issues £250m 4.5% Class B 2038 Bond

Southern Water Services (Finance) Limited today issued a  £250m 4.5% Class B 2038 Bond. This was their first Class B issue since 2003 and Centrus provided advice to the Company on the issue. The financing comes ahead of the maturity in March 2014 of a 7.869% £250m Class B issue and with a new coupon of 4.5% the company has locked into a considerable reduction in the fixed cost of the Class B debt.