52IP Aviva 23

RNS Number:6743Q
Hyder PLC
8 September 2000

 
WPD Limited 
Announcement of Proposals and New Tender Offer by WPD Limited to Hyder PLC
and Welsh Water Utilities Finance PLC Bondholders 
 
8 September 2000 
 
WPD Limited ("WPDL") hereby announces a new conditional tender offer (the
"New Tender Offer") for any and all of the following bonds (the "Bonds"): 
 
     GBP  75 MM Bonds due 2002 
     GBP 200 MM Bonds due 2006 
     GBP 200 MM Bonds due 2016 
     GBP 200 MM Bonds due 2020 
     in each case of Hyder PLC 
and 
     GBP 100 MM Guaranteed Bonds due 2004 
     GBP 100 MM Guaranteed Bonds due 2014 
     in each case of Welsh Water Utilities Finance PLC 
 
Background 
 
WPDL announced on 8 August 2000 a conditional tender offer (the "Original
Tender") for the Bonds. Because of technical restrictions on the ability of
WPDL to re-open the Original Tender Offer, WPDL is making this New Tender
Offer. The Terms of the New Tender Offer and the Original Tender Offer,
including the Repurchase Margin and the Settlement Date, remain the same in
all material respects, save that the Margin applicable to the 2002 Bonds will
be reduced to 0.85%. Bondholders who validly tendered their Bonds in the
Original Tender Offer need take no further action in respect of their Bonds. 
 
Please note that this press release also serves as an announcement that WPDL
has modified the terms of the Original Tender Offer for the GBP 75 MM Bonds
due 2002 so that the Margin of 0.85% applies to these bonds. 
 
The New Tender Offer will be open until 10 October 2000 and is subject to
possible extension and other changes in terms and conditions. 
 
Further Information  
 
The New Tender Offer is described in the Notice of Terms of New Tender Offer
which is available for collection from the Tender Agent to current
bondholders. Salomon Brothers International Limited ("Schroder Salomon Smith
Barney") is the Exchange Co-ordinator for the Tender Offer.  
 
Requests for the Notice of Terms of New Tender Offer and related Acceptance
Notice and other relevant information in relation to the tender should be
directed to: 
 
Tender Agent:           Citibank, N.A., Agency and Trust Services  
                        Reference:      WPD Limited Tender Offer  
                        Telephone:      44-20-7508-3867  
                        Fax:            44-20-7508-3866  
 
Requests for all other information in relation to the Tender Offer should be  
directed to:  
 
Exchange Co-ordinator:      Schroder Salomon Smith Barney 
                            Attention:      Liability Management 
                            Telephone:      44-20-7721-3168 or  
                                            44-20-7721-3666 
                            Fax:           44-20-7721-2844  
                            gregory.d.makoff@ssmb.com 
      
DCS Oosthuizen 
Director and Company Secretary 
 

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