Tideway, the new company established to construct the Thames Tideway Tunnel in London, has announced a bond issue totalling £100 million to help fund construction of the £4.2 billion supersewer.
Linked to the Retail Price Index, £50 million will mature in 2048 and the remaining £50 million in 2054. Listed on the London Stock Exchange, the bonds have deferred purchase dates of June 2020 and June 2021.
On 12 May 2016, Tideway also separately agreed a £700 million loan from the European Investment Bank (EIB).
Tideway will be financing £3.1 billion of the project's total £4.2 billion cost, with the remainder coming from Thames Water, the main provider of water and waste water services across London and the Thames Valley.
Mark Corben, Tideway's Chief Financial Officer, said:
"This innovative, deferred-purchased bond issue marks Tideway's debut on the capital markets. Combined with our loan recently agreed with the EIB, it will help secure the financing for our long-term investment programme, locked-in at 2015 rates. It is another key step forward in our work to clean up the River Thames."
Main construction work on the Thames Tideway Tunnel designed to capture pollution from over 30 discharge points known as 'combined sewer overflows' between Acton and Greenwich is due to start later this year.
Scheduled for completion by early 2024, Tideway is aiming to reduce the construction programme by up to two years.
Tideway is the trading name of Bazalgette Tunnel Limited, established in August 2015.The company's shareholders (Allianz, Amber Infrastructure, Dalmore Capital and DIF) collectively represent the interests of 1.7 million British pension fund holders.
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