Phoenix Group today announced that it has completed a multi-million pound private placement with Yorkshire Water. The UK’s largest consolidator of closed life and pension funds has lent £75 million to Yorkshire Water for 13 years. The transaction, which included a fixed tranche and an inflation linked tranche, provides regular, stable and long-term cash flows to match Phoenix’s liabilities.

Yorkshire Water provides essential water and waste water services to two million households and 140,000 business premises in the Yorkshire and Humber region. Liz Barber, Director of Finance, Regulation and Markets at Yorkshire Water said “This financing has allowed Yorkshire Water to continue to diversify its sources of long-term finance. Phoenix has ensured a successful transaction from initial discussions through to completion with their constructive approach in delivering a best fit solution.”

Phoenix Group’s Head of Financial Management Group, Scott Robertson said, “This transaction is the product of working closely with Yorkshire Water in structuring a transaction that supports their long-term strategy and provides a good match for our annuity liabilities. It clearly demonstrates our strategic commitment to these types of investments and we continue to explore further opportunities to diversify our investment portfolio.”

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Enquiries

Shellie Wells
Head of Corporate Communications
Phoenix Group
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com

Darcy Lillie
Media Relations Consultant
Phoenix Group
020 3735 0102 / 07814 773 280
darcy.lillie@thephoenixgroup.com

Notes to editors

Phoenix Group is the UK’s largest specialist consolidator of closed life funds with over 5.6 million policyholders and £74 billion of assets held by the Group’s life companies, including the acquired Abbey Life, AXA Wealth and SunLife businesses.