Southern Water Lenders Tap Advisers to Help Stabilize Utility
- PWP, Clifford Chance advising group including NatWest, BNP
- Company’s rating downgraded to junk by Moody’s this month
A Southern Water wastewater treatment works in Whitstable, England.
Photographer: Chris J Ratcliffe/Getty ImagesThis article is for subscribers only.
A group of lenders to Southern Water Ltd. has brought advisers on board to help them assess options to stabilize the situation at the UK utility, according to people with knowledge of the matter.
Lenders for the company’s £350 million ($446 million) revolving credit facility, including NatWest Group Plc, Lloyds Bank Plc and BNP Paribas SA, picked Perella Weinberg Partners and Clifford Chance as financial and legal advisers, respectively, as the situation worsens for the water company, said the people, who asked not to be identified discussing private information.