United Utilities PLC and United Utilities Water Finance PLC are issuers in the debt markets.
Prior to 11 November 2014, United Utilities PLC and its regulated subsidiary, United Utilities Water PLC, were issuers in the debt markets. On 11 November 2014, United Utilities Water PLC re-registered as a private limited company, United Utilities Water Limited, and a new subsidiary, United Utilities Water Finance PLC, was introduced to act as a financing arm and issue listed debt on behalf of the regulated business.
The main driver behind the group's debt requirement is the capital investment programmes of United Utilities Water Limited. For the five-year regulatory review period 2015 to 2020, United Utilities Water Limited has agreed an investment programme with the regulator with an estimated spend of circa £3.5bn.
Below is a chart detailing our gross debt position as at 31 March 2018.
Below is a chart detailing our term debt maturity profile as at 31 March 2018.