84VF York Water5.375

TIDM84VF TIDM55GQ TIDM88WA

RNS Number : 0471S

Yorkshire Water Services Ltd

20 June 2018

YORKSHIRE WATER SERVICES LIMITED ANNOUNCE RESULTS OF STID PROPOSAL

20 June 2018

Yorkshire Water Services Limited ("YWS" or the "Proposer") announces today the results of a STID Proposal regarding certain amendments described in the proposal dated 29 May 2018 (the "STID Proposal").

Following meetings of Bondholders of each of Yorkshire Water Services Bradford Finance Limited, Yorkshire Water Services Odsal Finance Limited and Yorkshire Water Services Finance Limited, the decision of the Majority Creditors was in favour of the STID Proposal proposed by the Proposer and accordingly the STID Proposal has been approved pursuant to and in accordance with the provisions of the STID.

In the case of Yorkshire Water Services Bradford Finance Limited and Yorkshire Water Services Odsal Finance Limited (together, the "Cayman Issuers"), the relevant Substitution Proposal was approved by each Class of Bondholders of both Cayman Issuers such that both entities will be removed from the YW Financing Group. In the case of Yorkshire Water Services Finance Limited, which is an English company, the relevant Substitution Proposal was not approved and, as a result, Yorkshire Water Services Finance Limited will remain a member of the YW Financing Group.

The quorum and votes cast at the meetings are set out in the table below.

 
                        Quorum reached     Percentage (of      Percentage (of 
                        and percentage       the relevant        the relevant 
                        of outstanding      total of votes      total of votes 
                           principal       cast) which were    cast) which were 
                           amount in         in favour of        in favour of 
                          respect of         the relevant        the relevant 
                          which votes        Substitution       STID Proposal 
                             cast              Proposal 
--------------------  -----------------  ------------------  ------------------ 
   Yorkshire Water 
  Services Bradford 
   Finance Limited           Yes 
      (Class A)             98.27%             99.73%              99.73% 
   Yorkshire Water           Yes                100%                 N/A 
  Services Bradford         98.31% 
   Finance Limited 
      (Class B) 
   Yorkshire Water 
    Services Odsal           Yes 
   Finance Limited          97.19%              100%                100% 
   Yorkshire Water 
   Services Finance          Yes 
       Limited              66.87%             50.53%              50.53% 
 

Capitalised terms used in this announcement and not defined herein shall have the meanings ascribed to them in the Solicitation Memorandum dated 29 May 2018 (the "Solicitation Memorandum").

Further to the notice to Secured Creditors by the Security Trustee confirming the approval of the STID Proposal pursuant to and in accordance with the provisions of the STID, payment of the Instruction Fee will be made by or on behalf of the relevant Issuer, in accordance with the provisions of the Solicitation Memorandum, on the Payment Date (expected to be on or about the fifth Business Day following the date of this announcement) to holders of the Bonds issued by Yorkshire Water Services Bradford Finance Limited and Yorkshire Water Services Odsal Finance Limited (and their Bonds will be unblocked in the applicable Clearing Systems on such Payment Date). For the avoidance of doubt, no Instruction Fee shall be payable to holders of Bonds issued by Yorkshire Water Services Finance Limited given that the Substitution Proposal for Yorkshire Water Services Finance Limited was not approved (and their Bonds will be unblocked in the applicable Clearing Systems on the relevant Meeting Date).

Satisfaction of the Amendment Conditions and implementation of the transactions set out in the STID Proposal will be announced as soon as practicable.

For further information, please contact:

The Solicitation Agents

Lloyds Bank Corporate Markets plc

10 Gresham Street

London EC2V 7AE

United Kingdom

   Telephone:       +44 (0)20 7158 1726/1719 
   Email:             liability.management@lloydsbanking.com 
   Attention:         Liability Management Team, Commercial Banking 

NatWest Markets Plc

250 Bishopsgate

London EC2M 4AA

United Kingdom

   Telephone:       +44 (0) 20 7678 5282 
   Email:             liabilitymanagement@natwestmarkets.com 
   Attention:         Liability Management 

This notice is given by:

YORKSHIRE WATER SERVICES LIMITED

20 June 2018

This announcement is released by Yorkshire Water Services Limited and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), encompassing information relating to the Proposals described above. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Mark Amsden (Company Secretary (Interim)) at Yorkshire Water Services Limited.

Legal Entity Identifier numbers:

Yorkshire Water Services Limited - 2138006E2VG89XLORJ06

Yorkshire Water Services Finance Limited - 213800SPVHJCCUH13862

Yorkshire Water Services Bradford Finance Limited - 213800O6R7EUHYFLXI94

Yorkshire Water Services Odsal Finance Limited - 2138004EMHYELGBEJH69

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCSEUFISFASEEM

(END) Dow Jones Newswires

June 20, 2018 11:30 ET (15:30 GMT)

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