Global law firm White & Case LLP has advised Barclays Bank PLC and Morgan Stanley & Co. International plc as joint sponsors, joint global coordinators, joint bookrunners and underwriters on Pennon Group plc's fully underwritten £490 million rights issue.
The net proceeds of the rights issue, announced on 29 January 2025, will principally be used as part of a comprehensive financing package to enable Pennon Group to deliver the step change in investment required through the K8 period to March 2030 following Ofwat's recent water sector final determinations, while ensuring appropriate and sustainable gearing is maintained throughout.
FTSE 250-listed Pennon Group is an infrastructure group focused on the UK regulated water sector which owns, among others, South West Water and SES Water.
The White & Case team which advised on the transaction was led by partners Jonathan Parry and Laura Sizemore (both London) and included counsel Bob Lehner (Chicago) and associate George Davie (London).
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