Bond Cymru Dwr 4.377% ( XS0128313318 ) in GBP

Cymru Dwr

100 % ⇌

United Kingdom

XS0128313318 ( in GBP )

4.377% per year ( payment 1 time a year)

31/03/2026 - Bond has expired

Prospectus brochure of the bond Dwr Cymru XS0128313318 in GBP 4.377%, expired

1 000 GBP

128 600 000 GBP

Dwr Cymru Welsh Water is the sole provider of water and wastewater services in Wales, responsible for managing the entire water cycle from source to tap and treatment of wastewater.

The Bond issued by Cymru Dwr ( United Kingdom ) , in GBP, with the ISIN code XS0128313318, pays a coupon of 4.377% per year.
The coupons are paid 1 time per year and the Bond maturity is 31/03/2026

17 April 2003

ERRATUM

Dwr Cymru (Financing) Limited (the "Issuer")
Issue of £ 28,600,000 Series 1 Sub-Class B3 Asset-Backed Bonds
due 2026 (the "Sub-Class B3 Bonds") under the £ 3,000,000,000
Multicurrency Programme of the Issuer

This erratum shall be read in connection with, and without prejudice to the provisions contained
therein, the Pricing Supplement dated 15 April 2003, in relation to the issue of £28,600,000
Series 1 Sub-Class B3 Asset-Backed Bonds (the "Sub-Class B3 Bonds") under the
£3,000,000,000 Multicurrency Programme (the "Pricing Supplement").

The purpose of this Erratum is to amend the figure currently set out in paragraph 4(i) (Series) of
the Pricing Supplement. Paragraph 4(i) should read £2,078,600,000 (which, for the avoidance of
doubt, is comprised of aggregate nominal amount of the original issue of Bonds on 10 May
2001 amounting to £2,010,000,000 and the further issue of the Sub-Class B3 Bonds and the
£40,000,000 Sub-Class B4 Bonds (the "Sub-Class B4 Bonds") on 16 April 2003 amounting, in
aggregate, to £68,600,000).

The Issuer accepts responsibility for the information contained in this Erratum.

-1-

PRICING SUPPLEMENT

Pricing Supplement dated 15 April 2003
Dwr Cymru (Financing) Limited
Issue of £28,600,000 Series 1 Sub-Class B3 Asset-Backed Bonds

This document constitutes the Pricing Supplement relating to the issue of Series 1 Sub-Class B3 Bonds
described herein (which shall be consolidated and form a single Sub-Class with the £100,000,000 Series 1
Sub-Class B3 Bonds due 31 March 2026 issued by the Issuer on 10 May 2001). Terms used herein shall
be deemed to be defined as such for the purposes of the Conditions set forth in the Information
Memorandum dated 7 April 2003. This Pricing Supplement must be read in conjunction with such
Information Memorandum.
The Series 1 Sub-Class B3 Bonds described herein will upon being represented by a Permanent Global
Note be consolidated with an issue of £100,000,000 Series 1 Sub-Class B3 Bonds due 31 March 2026
issued by the Issuer on 10 May 2001, details of which are contained in a Pricing Supplement dated 9 May
2001 and an Information Memorandum dated 4 May 2001.

1.

(ii)
Issuer:
Dwr Cymru (Financing) Limited

(iii)
Financial Guarantor:
Not Applicable
2.

(i)
Series Number:
1

(ii)
Sub-Class Number:
B3
3.

Relevant Currency:
Pounds Sterling ("£")
4.

Aggregate Nominal Amount:

(i)
Series:
£68,600,000

(ii)
Sub-Class:
£ 28,600,000
Sub-Class B3 Bonds described herein
5.

(i)
Issue Price:
124.340 per cent. of the Aggregate
Nominal Amount plus accrued interest of
£56,859.93

(ii)
Net proceeds:
£35,561,240
6.

Specified Denominations:
£1,000, £10,000, £100,000
7.

(i)
Issue Date:
16 April 2003

(ii)
Interest Commencement Date
31 March 2003
(if different from the Issue Date):
8.

Maturity Date:
31 March 2026

-2-

9.

Interest Basis:
Retail Price Index linked
10.

Redemption/Payment Basis:
Applicable - Condition 8
11.

Change of Interest or Redemption/Payment Basis:
Not Applicable
12.

Put/Call Options:
Call option - see below
13.

(i)
Status and Ranking:
The Class A Bonds, Class B Bonds and
Class R Bonds rank pari passu among
each other in terms of interest and
principal payments and rank in priority
to the Class C Bonds and Class D Bonds.

(ii)
Status of the Guarantee:
Not Applicable

(iii)
FG Event of Default (if not MBIA):
Not Applicable
14.

Listing:
Luxembourg Stock Exchange
15.

Method of distribution:
syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
16.

Fixed Rate Bond Provisions
Not Applicable
17.

Floating Rate Bond Provisions
Not Applicable
18.

Zero Coupon Bond Provisions
Not Applicable
19.

Indexed Bond Provisions
Applicable - Condition 6

(i)
Index/Formula:
UK Retail Price Index

(ii)
Interest Rate:
4.377 per cent. per annum payable semi-
annually in arrear.

(iii)
Calculation Agent responsible for calculating the Deutsche Bank AG London
interest due:

(iv)
Provisions for determining Coupon where
Applicable - Condition 7 (c) and
calculation by reference to Index and/or Formula Condition 7(e)
is impossible or impracticable:

(v)
Interest Payment Dates:
31 March, 30 September of each year
subject to adjustment in accordance with
the Business Day Convention as
specified below.

(vi)
First Interest Payment Date:
30 September 2003

(vii)
Business Day Convention:
Modified Following Business Day
Convention

(viii)
Minimum Indexation Factor:
Not Applicable

-3-

(ix)
Maximum Indexation Factor:
Not Applicable

(x)
Limited Indexation Month(s):
Not Applicable

(xi)
Reference Gilt:
2.5 per cent. Treasury stock due 2024

(xii)
Day Count Fraction:
Actual/Actual ISMA
20.
Dual Currency Bond Provisions
Not Applicable

PROVISIONS RELATING TO REDEMPTION
21.

Call Option
Applicable - Condition 8

(i)
Optional redemption date(s):
Any Interest Payment Date after the
Issue Date.

(ii)
Optional redemption amount(s) and method, if The redemption amount (as specified in
any, of calculation of such amount(s):
Condition 8(b)(iii).

(iii)
If Redeemable in part:

(a) Minimum Redemption Amount:
Not Applicable
Not Applicable
(b) Maximum Redemption Amount:

(iv)
Notice Period (if other than set out in the Not Applicable
Conditions):
22.

Put Option
Not Applicable
23.

Final Redemption Amount
Par plus indexation
24.

Early Redemption Amount
Higher of par (after indexation) and
spens
GENERAL PROVISIONS APPLICABLE TO THE BONDS
25.

Form of Bonds:
Bearer

i) If Bearer Bonds:
Temporary Global Bond exchangeable
for a Permanent Global Bond which is
exchangeable for Definitive Bonds in the
limited circumstances specified in the
Permanent Global Bond.

ii) If Registered Bonds:
Not Applicable
26.

Relevant Financial Centre(s) or other special provisions
London
relating to Payment Dates:
27.

Talons for future Coupons or Receipts to be attached to
Yes
Definitive Bonds (and dates on which such Talons
mature):
28.

Details relating to Partly Paid Bonds:
Not Applicable

i) Instalment Date
Not Applicable

-4-

ii) Instalment Amount
Not Applicable
29.

Details relating to Instalment Bonds:
Not Applicable
30.

Redenomination, renominalisation and reconventioning
Redenomination in accordance with
provisions:
Condition 19
31.

Consolidation provisions:
Not Applicable
32.

Other terms or special conditions:
Not Applicable
33.

TEFRA rules:
TEFRA D
INTERCOMPANY LOAN TERM

34.

Interest rate on relevant Term Advance:
4.39 per cent.
35.

Term of relevant Term Advance:
Until 31 March 2026
36.

Repayment Schedule for relevant Term Advance
Bullet repayment
37.

Other relevant provisions:
The Issuer will be paid certain facility
lending fees by DCC in accordance with
the
Initial
Intercompany
Loan
Agreement
as
described
in
the
Information Memorandum.
DISTRIBUTION

38.

(i)
If syndicated, names of Managers:
Not Applicable

(ii)
Stabilising Manager (if any):
The Royal Bank of Scotland plc
39.

If non-syndicated, name of Dealer:
The Royal Bank of Scotland plc
40.

Additional selling restrictions:
As specified in the Information
Memorandum.
OPERATIONAL INFORMATION

41.

ISIN Code:
XS0128313318
42.

Temporary ISIN Code:
XS0167026334
43.

Common Code:
012831331
44.

Temporary Common Code:
016702633
45.

Any Relevant Clearing System(s) other than Euroclear
Not Applicable
and Clearstream, Luxembourg and the relevant
identification number(s):
46.

Delivery:
Delivery against payment

47.

Paying Agent(s), Transfer Agents, Registrar and Agent
Deutsche Bank AG London as Principal
Bank:
Paying Agent and Agent Bank.
Deutsche Bank S.A. Luxembourg as
Luxembourg Paying Agent.

-5-

LISTING APPLICATION

This Pricing Supplement comprises the details required to list the issue of the Series 1 Sub-Class B3 described
herein pursuant to the listing of the Multicurrency Programme for the issuance of up to £3,000,000,000 Asset-
Backed Bonds including up to £200,000,000 Class R Bonds and up to £3,000,000,000 Guaranteed Asset-Backed
Bonds financing Dwr Cymru Cyfyngedig (which shall be consolidated and form a single Sub-Class with the
£100,000,000 Series 1 Sub-Class B3 Bonds due 31 March 2026 issued by the Issuer on 10 May 2001).
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement.

Signed on behalf of Dwr Cymru (Financing) Limited:
By:
............................................
Duly authorised

The Issuer (a) has complied with its obligations under the listing rules of the Luxembourg Stock
Exchange in relation to the admission to and continuing listing of the Programme and of any previous
issues made by it under the Programme and listed on the same exchange; (b) confirms that it will have
complied with its obligations under the listing rules of the Luxembourg Stock Exchange in relation to the
admission to listing of the Bonds by the time when the Bonds are so admitted; and (c) has not, since the
last publication of information in compliance with the listing rules of the Luxembourg Stock Exchange
about the Programme, any previous issues made by it under the Programme and listed on the Luxembourg
Stock Exchange, or the Bonds, having made all reasonable enquiries, become aware of any change in
circumstances which could reasonably be regarded as significantly and adversely affecting its ability to
meet its obligations as issuer in respect of the Bonds as they fall due..

-6-