Investor Presentaiton
The Comfort Package / Offering
Affinity Water
In addition to a fee of 0.025% (as a percentage of principal amount outstanding of voted bonds - the
fee is subject to conditions), investors will benefit from the following package of supporting materials
Ratings Affirmations
•
•
It will be a precondition to the
implementation of the Proposals
that ratings affirmations are
provided to the Security Trustee
and Bond Trustee confirming
Proposals will have no impact on
ratings¹
S&P will provide a RAC letter to
the Security Trustee / AW
Following discussions with
Moody's, AW will certify to the
Security Trustee that the current
Moody's ratings will not be
impacted
The Rating Agencies were
provided tax, accounting and legal
opinions in addition to the
transaction documents for their
review and analysis. Ratings
confirmations were only provided
having considered this
comprehensive comfort package
•
Transaction Documentation
Investors will also get access to the
Implementation Deed required to
effect the Proposals showing the
changes are limited to those
required in relation to the
incorporation of NewCo, the
substitution of Cayco with NewCo
and the subsequent disposal of
Cayco
.
Opinions
Provided to the Security Trustee
Legal Opinion in respect of
matters of capacity and
enforceability
Tax Opinion in respect of certain
UK tax matters applicable to the
Financing Group with respect to
the Proposals
(1) Where no such written affirmation is provided, it is a precondition that the Company certifies to the Trustee, following discussions with the relevant Rating
Agency, that the Proposals would not cause a downgrade
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