Thames Water Utilities Limited
7 January 2025
Liquidity Extension Update - Class B Practice Statement Letter
Thames Water Utilities Limited ("TWUL") previously announced a consent process for a transaction support agreement ("TSA") in connection with implementing the liquidity extension transaction (the "Liquidity Extension Transaction").
The Liquidity Extension Transaction is to be implemented by a restructuring plan proposed by Thames Water Utilities Holdings Limited (the "Plan Company" or "TWUHL") pursuant to Part 26A of the Companies Act 2006 (the "Company Plan").
Strong creditor support for the Company Plan
As at 3 January 2025, creditors holding circa 89% of TWUL's secured debt totalling circa £16.5 billion have acceded to the TSA, agreeing to support the Liquidity Extension Transaction. This includes over 75% by value of each of the Class A Debt (Make-Whole) Providers, the Class A Debt (Non-Make-Whole) Providers, the Interest Rate and Index Hedging Providers, the Liquidity Facility Providers and the Currency Hedging Providers.
Plan Creditors who are party to the TSA are obliged to vote in favour of the Company Plan and to not support any alternative, including the Class B RP (as defined below).
Convening of creditor meetings in respect of Company Plan was approved by Court hearing on 17 December 2024.
Response to Class B PSL
TWUL is aware that certain Class B Creditors (the "Relevant Class B Creditors") have today published a practice statement letter (the "Class B PSL") in relation to a parallel restructuring plan to implement an alternative liquidity extension transaction (the "Class B RP").
The Class B PSL is not approved or authorised by TWUL or TWUHL.
The Board and leadership team remain focused on implementing the Company Plan, stabilising the business and seeking the best financial and operational outcome for customers, the environment, UK taxpayers and the UK economy.
CREDITORS ARE ENCOURAGED TO SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE IN RESPECT OF THESE MATTERS. THOSE CREDITORS WHO ARE A PARTY TO THE TSA ARE ENCOURAGED TO COMPLY WITH THEIR CONTRACTUAL OBLIGATIONS
For further information
Investor enquiries
Frederick Maroudas - Director of Corporate Finance
debt.investorrelations@thameswater.co.uk
Media enquiries
Suvra Jans - Head of Media Relations
suvra.jans@thameswater.co.uk
M: 07747 640 810
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
