REG - Wales & West Utl Fin Wales & West Utilit. - Statement re rating agency announcement

S&P GlobalAnnouncement

02/10/2023 11:15

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RNS Number : 3504O  Wales & West Utilities Finance PLC  02 October 2023

 

WALES & WEST UTILITIES FINANCE PLC

(incorporated with limited liability in England & Wales with registered
number 6766848)

Equity investments: Announcements by Fitch Ratings Limited and S&P Global
Ratings on 29(th) September 2023

02 October 2023

Wales & West Utilities Finance plc (the "Issuer") welcomes the
announcements made by Fitch Ratings Limited and S&P Global Ratings on
Friday 29(th) September 2023 in relation to equity investments made and
further equity investments expected to be made into the Issuer's immediate
parent company, Wales & West Utilities Limited ("WWU").  Specifically, on
Wednesday 27(th) September 2023, WWU received £759 million of cash equity
which has been used to repay an equivalent amount to certain loan noteholders
affiliated with its indirect shareholders on 2(nd) October 2023. On Monday
9(th) October 2023, WWU expects to receive £150 million of additional equity
(less working capital requirements above WWU of £3 million). WWU also
understands that Wales & West Gas Networks (Holdings) Limited, WWU's
indirect shareholder, is intending to make further debt-funded equity
injections of approximately £200 million to the WWU group. These equity
investments are intended to enhance the financial resilience and credit
strength of WWU.

Investor Relations

Ian T. Weldon, Head of Treasury

Wales & West Utilities Limited

Wales & West House

Spooner Close

Celtic Springs

Coedkernew

Newport, UK

NP10 8FZ

 

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