Yorkshire Water ground breaking £160m index-linked swap restructuring

Yorkshire Water ground breaking £160m index-linked swap restructuring

Centrus provided financial advice to Yorkshire Water Services covering the strategy and financial policy, the economic evaluation of the proposal, changes to the whole business securitisation financing platform documentation, the choice and implementation of the preferred solution and the detailed documentation phases.

The re-structuring centred on the removal of mandatory breaks and involved the combined use of institutional investor demand for swap-backed assets and bank balance sheets. Partner Geoff Knight, who led the Centrus team working on the transaction commented

“The removal of breaks on £160m of index-linked swaps completes the first phase of the company’s strategy to actively manage the liquidity risks posed by mandatory swap breaks. At Centrus, the assignment drew upon our strategic expertise in debt capital markets, derivatives and corporate finance and highlights the value of our broad based advisory franchise.”

Adrian Hunt, Group Treasurer at YWS said,

“I would like to thank all of our partners, including our financial advisors, for their dedication and skill in helping us deliver this important strategic transaction.”

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