Southern Water includes a rescue plan of 1.2 billion pounds from Macquarie

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Macquarie has agreed to inject up to 1.2 billion pounds of fresh stocks into the southern benefit, which is struggling as part of the return of the drawing that will reduce debt to its lenders in more than half.

SouthThe Australian owner will initially pump 655 million pounds of stocks into the company-which provides water and sanitation services to customers of 4.7 million in southeastern England.

Macquarie plans to provide at least 245 million pounds in additional shares by December, an amount that may rise to 545 million pounds.

As part of the deal, Macquarie also agreed to restructure debt with lenders of Southern Water Holding companies, which will apply large hair styles to the most dangerous bonds in the group’s multi -level financial structure.

While Southern’s financial resources are in a least fear of the Themes Water, the largest water benefit in the UK was owned by Macquarie, it is still on the financial monitoring list of companies that the organizer monitored, Offat. She has been under pressure in debt markets due to concerns that her covenants can violate.

South also faces a violent reaction from the general public to the external flow of wastewater in some of the most popular beaches in the UK, including BRIGHUHUN and Whitstable, and is at risk of water shortages after years of investment. The company looked Importing water from Norwegian harassment.

By 2030 the southern will Lifting annual customer bills By 222 pounds to 642 pounds, the largest increase was agreed between any of the specialized water and sewage companies in the United Kingdom and the regulator. This bill comes at the top of other increases associated with inflation.

He appealed to the south of the United Kingdom competition and the market power to be able to increase bills more over the next five years to help them finance promotions.

Meanwhile, the company pushed CEO Lawrence Gusden is a bonus of 183,000 pounds Last year, he helped strengthen his total salary by 79 percent to 764,200 pounds.

Southern announced on Tuesday that the debts through its holding companies will be reduced from 865 million pounds to 415 million pounds. There are two main levels of debt over Opening Soutering, which sits at an intermediate holding company and a better holding company respectively.

Bond holders including Ares Management and Australian Infrastructure investor WestBourne Capital on full Distorted nearly 370 million pounds of debtAccording to a person familiar with the matter.

On the other hand, they will get an “stock -like” investment in the water company, and the person added, in an arrangement similar to a debt exchange for fairness, as bond holders receive the minority share of work.

The person said that holders of bonds in the middle holding company will not see any weakness in the nominal value of their debts, but they agreed to change the conditions of religion and extend its maturity.

The remaining debt facilities were expanded to at least September 2030, according to the announcement on Tuesday.

Views are seen as a way to allow new shares to flow directly to the highly created operating company, instead of using debt service more in the capital structure.

In February, Macquarie adhered to inject 900 million pounds from fresh stocks to the south, an increase of 650 million pounds that previously promised.

“This additional investment of shares is our commitment to southern waters and its management team, and our belief that the planned investment program will be provided to its customers and the environment,” said Martin Bradley, the first administrative director of Macquarie Asset Management.