Global law firm Ashurst Perkins Coie has advised Barclays Bank PLC and Morgan Stanley & Co. International plc on the £550 million rights issue by Pennon Group plc (‘Pennon’).
Pennon is an environmental infrastructure group focused on the UK regulated water sector and complementary activities. It owns South West Water, which provides regulated water and wastewater services in Devon, Cornwall, the Isles of Scilly and small areas of Dorset and Somerset. It also has water-only supply operations across parts of Southern England, Bristol and the surrounding areas.
The fully underwritten 7-for-15 Rights Issue forms part of a wider strategic plan and enables Pennon to invest in the growth of its business through the remainder of the AMP8 period to March 2030, whilst ensuring appropriate and sustainable gearing is maintained throughout.
The Ashurst Perkins Coie team was led by ECM partner Jonathan Parry and US securities partner Jeffrey Johnson, together with senior associates Rodrigo Romero Hidalgo, Louise Chan and Marianna Kennedy, and associates Amelia Howison, Flora Porkolab and Sophia Rontogiannis.
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