REG - SW (Finance) I PLC - Guarantee transfer to certain bonds

Assured GuarantyAnnouncement

02/02/2023 10:30

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RNS Number : 7316O  SW (Finance) I PLC  02 February 2023

 

SW (FINANCE) I PLC

Southern House, Yeoman Road,

Worthing,

West Sussex,

United Kingdom,

BN13 3NX

(LEI: 549300BHN1HB5BNG2R96)

 

 

Notice to the holders of the following bonds:

(i)         Series 1 Sub-Class A1 £350,000,000 6.192 per cent.
Guaranteed Class A Wrapped Bonds due 2029 (ISIN: XS0172989252);

(ii)        Series 1 Sub-Class A2a £150,000,000 3.706 per cent.
Index-Linked Guaranteed Class A Wrapped Bonds due 2034 (ISIN: XS0173036194);

(iii)       Series 1 Sub-Class A2b £35,000,000 3.706 per cent. Limited
Indexed Guaranteed Class A Wrapped Bonds due 2034 (ISIN: XS0173059998);

(iv)       Series 2 Sub-Class A8 £150,000,000 5.000 per cent.
Guaranteed Class A Wrapped Bonds due 2041 (ISIN: XS0220566383); and

(v)        Series 3 Sub-Class A9 £200,000,000 4.500 per cent.
Guaranteed Class A Wrapped Bonds due 2052 (ISIN: XS0271386244),

(together, the "Wrapped Bonds")

issued by SW (Finance) I PLC (the "Issuer")

under the £6,000,000,000 Multicurrency Programme for the Issuance of
Guaranteed Bonds

This notice relates to a transfer of guarantee obligations in respect of
certain Bonds, which otherwise remain unaffected

This notice is in respect of the Bonds constituted by the bond trust deed
dated 23 July 2003 as supplemented, amended and/or restated from time to time
(the "Bond Trust Deed") made between, amongst others, the Issuer and Deutsche
Trustee Company Limited as Bond Trustee. All words and expressions defined in
the Bond Trust Deed shall (save as otherwise provided herein) have the same
meanings herein.

The Issuer has issued the Wrapped Bonds, for which Assured Guaranty UK Limited
("AGUK") has acted as financial guarantor.

The Issuer hereby wishes to notify each Bondholder that (i) AGUK has
transferred a proportion of its guarantee obligation in respect of the Wrapped
Bonds to its U.S. parent, Assured Guaranty Municipal Corp ("AGM") and (ii) AGM
has, pursuant to and in compliance with the provisions of clause 28.2 of the
Bond Trust Deed, acceded to the Bond Trust Deed as a Financial Guarantor.

AGUK has retained 15% of the guarantee obligations in relation to the Wrapped
Bonds, and AGM has assumed 85% of the guarantee obligations in relation to the
Wrapped Bonds, and has issued second to pay guarantees in respect of AGUK's
retained 15%.

 

This Notice is given by SW (Finance) I PLC. For further information, please
contact:

 

Steve Collins

Group Treasurer

Southern House, Yeoman Road

Worthing, West Sussex

United Kingdom

BN13 3NX

Email: SteveM.Collins@southernwater.co.uk

Tel: 07748320956

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