Yorkshire Water has received an overwhelming vote of approval from its bondholders to close its three Cayman Islands subsidiaries.
Over 98 per cent of its bondholders and 100 per cent of US Private Placement (USPP) noteholders voted in favour of the changes required to close the offshore companies.
The result means that £3 billion of bonds and USPP notes can now be transferred into a new UK incorporated company which is due to occur in July.
Commenting, Yorkshire Water director of finance, markets and regulation Liz Barber said:
“This strong support from bondholders means that we can immediately press ahead in transferring the bonds to the UK and improve the transparency of our financial structure. As the first company to announce back in October last year that we would close our Cayman Islands subsidiaries we are delighted to be able to deliver on this commitment.”
The vote by bondholders followed an intensive preparation and engagement period with all bondholders. Once the bonds have been transferred to the UK, Kelda Group – Yorkshire Water’s parent company - will liquidate the Cayman Island companies.
The Cayman companies were originally created for technical reasons due to the financial structure of the Kelda Group. They have always been managed from the UK and UK resident for tax purposes.
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