Thames Water Utilities Limited
24 January 2025
Liquidity Extension Update
Thames Water Utilities Limited ("TWUL") has previously announced that the restructuring plan proposed by Thames Water Utilities Holdings Limited ("TWUHL") in line with Part 26A of the Companies Act 2006 (the "Company RP") has been approved by creditors holding over 90% of secured debt present and voting at the plan meetings ordered by the High Court of Justice of England and Wales (the "Court"), ahead of it being considered by the Court at the sanction hearing scheduled for 3 - 6 February 2025.
The TWUL view remains that the Company RP is the only implementable solution to enable the equity investment required to provide stability and certainty in the longer term.
TWUL is aware that certain members of the Class A AHG have issued a practice statement letter in connection with a restructuring plan (the "Class A RP") to effect a transaction on the same terms as the existing Company RP (the "Interim Recapitalisation Transaction"), with only certain consequential amendments.
In order to facilitate the consent of the Class A Creditors to the initiation of the Class A RP in support of the Interim Recapitalisation Transaction, TWUL has today launched a STID Proposal seeking the consent of the Majority Creditors to certain steps being taken and a waiver of any Defaults or Events of Default in each case in connection with the initiation of the Class A RP.
No bondholder meetings are being held in relation to the STID Proposal and Qualifying Class A Debt Providers who are entitled to vote will be contacted through their Class A DIG Representative.
Access to Documents
The STID Proposal is available through TWUL's investor relations website at https://www.thameswater.co.uk/about-us/investors/liquidity-extension-update.
STAKEHOLDERS ARE ENCOURAGED TO REVIEW THE STID PROPOSAL IN DETAIL THEMSELVES (A COPY OF WHICH IS AVAILABLE AT HTTPS://WWW.THAMESWATER.CO.UK/ABOUT-US/INVESTORS/LIQUIDITY-EXTENSION-UPDATE) AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE[1] SHOULD THEY HAVE ANY QUERIES IN RELATION TO THEIR CONTENTS.
For further information
Media enquiries
Alex Simmons
Edelman Smithfield
thameswater@edelmansmithfield.com
Simon Haynes
simon.haynes@thameswater.co.uk
M: 07747 644 910
Legal Entity Identifier Numbers:
Thames Water Utilities Limited: 213800JKM5UQHFJOTZ25
Thames Water Utilities Finance Plc - 213800SKZTSE2L1BII69
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