Yorkshire Water last week reported it had secured overwhelming support from its bondholders to close its three Cayman Island subsidiaries.
Over 98 per cent of 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 £3bn of bonds and USPP notes can now be transferred into a new UK incorporated company, scheduled for July.
Yorkshire Water director of finance, markets and regulation Liz Barber said: “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 Cayman companies have always been managed from the UK and are UK resident for tax purposes.