SW (Finance) I PLC Guarantee transfer to certain bonds (7316O)

TIDM31HI

RNS Number : 7316O

SW (Finance) I PLC

02 February 2023

SW (FINANCE) I PLC

Southern House, Yeoman Road,

Worthing,

West Sussex,

United Kingdom,

BN13 3NX

   (LEI:   549300BHN1HB5BNG2R96 )

Notice to the holders of the following bonds:

(i) Series 1 Sub-Class A1 GBP350,000,000 6.192 per cent. Guaranteed Class A Wrapped Bonds due 2029 (ISIN: XS0172989252);

(ii) Series 1 Sub-Class A2a GBP150,000,000 3.706 per cent. Index-Linked Guaranteed Class A Wrapped Bonds due 2034 (ISIN: XS0173036194);

(iii) Series 1 Sub-Class A2b GBP35,000,000 3.706 per cent. Limited Indexed Guaranteed Class A Wrapped Bonds due 2034 (ISIN: XS0173059998);

(iv) Series 2 Sub-Class A8 GBP150,000,000 5.000 per cent. Guaranteed Class A Wrapped Bonds due 2041 (ISIN: XS0220566383); and

(v) Series 3 Sub-Class A9 GBP200,000,000 4.500 per cent. Guaranteed Class A Wrapped Bonds due 2052 (ISIN: XS0271386244 ) ,

(together, the "Wrapped Bonds")

issued by SW (Finance) I PLC (the "Issuer")

under the GBP6,000,000,000 Multicurrency Programme for the Issuance of Guaranteed Bonds

This notice relates to a transfer of guarantee obligations in respect of certain Bonds, which otherwise remain unaffected

This notice is in respect of the Bonds constituted by the bond trust deed dated 23 July 2003 as supplemented, amended and/or restated from time to time (the "Bond Trust Deed") made between, amongst others, the Issuer and Deutsche Trustee Company Limited as Bond Trustee. All words and expressions defined in the Bond Trust Deed shall (save as otherwise provided herein) have the same meanings herein.

The Issuer has issued the Wrapped Bonds, for which Assured Guaranty UK Limited ("AGUK") has acted as financial guarantor.

The Issuer hereby wishes to notify each Bondholder that (i) AGUK has transferred a proportion of its guarantee obligation in respect of the Wrapped Bonds to its U.S. parent, Assured Guaranty Municipal Corp ("AGM") and (ii) AGM has, pursuant to and in compliance with the provisions of clause 28.2 of the Bond Trust Deed, acceded to the Bond Trust Deed as a Financial Guarantor.

AGUK has retained 15% of the guarantee obligations in relation to the Wrapped Bonds, and AGM has assumed 85% of the guarantee obligations in relation to the Wrapped Bonds, and has issued second to pay guarantees in respect of AGUK's retained 15%.

This Notice is given by SW (Finance) I PLC. For further information, please contact:

Steve Collins

Group Treasurer

Southern House, Yeoman Road

Worthing, West Sussex

United Kingdom

BN13 3NX

Email: SteveM.Collins@southernwater.co.uk

Tel: 07748320956

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END

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February 02, 2023 04:25 ET (09:25 GMT)

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