Bazalgette Tunnel Limited’s £75 Million Senior Notes Private Placement


Herbert Smith Freehills’ US Finance team has advised Bazalgette Tunnel Limited on its successful £75 million private placement of senior notes maturing in 2041.

Bazalgette Tunnel Limited, also known as Tideway, has obtained an E1/95 green evaluation for the Notes from S&P Global Ratings (E1/95 being the equal highest green evaluation to date).

A novel feature of the Notes was their deferred-funding structure, under which purchasers committed at closing to provide funding on a specified date in 2021. HSF has worked closely with Tideway on its financing strategy in the past few years, including on English law deferred-funding bond issuances, and this was Tideway’s first deferred-funding US Private Placement. The financing forms part of a HSF’s wider role in supporting Tideway on the development of the Thames Tideway Tunnel, a 25 km super-sewer running under the tidal section of the River Thames through central London.

Herbert Smith Freehills lead partner Gabrielle Wong (Picture) was supported by lead associate Ben Robinson as well as senior associate Ahu Yalgin and associate Elizabeth Bramon, with UK support provided by partner Jake Jackman, senior associate Victoria Salisbury and senior associate Perminder Gainda.

Involved fees earner: Elizabeth Bramon – Herbert Smith Freehills; Perminder Gainda – Herbert Smith Freehills; Jake Jackman – Herbert Smith Freehills; Ben Robinson – Herbert Smith Freehills; Victoria Salisbury – Herbert Smith Freehills; Gabrielle Wong – Herbert Smith Freehills; Ahu Yalgin – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: Bazalgette Tunnel Limited;