Thames Water Utilities
Limited
22 November 2024
Liquidity Extension Update -
Practice Statement Letter
Thames Water Utilities Limited
("TWUL") announces that
Thames Water Utilities Holdings Limited (the "Plan Company") has executed and
published a practice statement letter dated 22 November 2024 (the
"Practice Statement
Letter") in connection with implementing the Liquidity
Extension Transaction (as defined below) via a restructuring plan
under Part 26A of the UK Companies Act 2006 (the "Plan").
The Practice Statement Letter is
addressed to the Plan Creditors (as defined in the Practice
Statement Letter). Creditors are encouraged to read the Practice
Statement Letter, which is available online through the
website https://deals.is.kroll.com/thameswater
set up by Kroll Issuer Services Limited as
Information Agent in connection with the Plan. Creditors will need
to contact the Information Agent at thameswater@is.kroll.com
to receive a password to access the website and
view the Practice Statement Letter. The Practice Statement Letter
outlines the Plan Company's proposed restructuring plan, its
proposed effects and next steps for creditors.
The Practice Statement Letter is
also available for inspection at the offices of Kroll Issuer
Services Limited, at The Shard, 32 London Bridge Street, London,
SE1 9SG, United Kingdom.
Creditors should contact the
Information Agent at thameswater@is.kroll.com
with any questions on accessing the Practice
Statement Letter.
CREDITORS ARE ENCOURAGED TO REVIEW THE PRACTICE STATEMENT
LETTER (A COPY OF WHICH IS AVAILABLE AT
HTTPS://DEALS.IS.KROLL.COM/THAMESWATER)
AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE[1] SHOULD THEY HAVE ANY QUERIES IN RELATION TO ITS
CONTENTS
Background
TWUL announced the launch of a
liquidity extension transaction ("Liquidity Extension Transaction") and a transaction support
agreement ("TSA")
on 25 October 2024.
As at 21 November 2024, creditors
representing approximately 76% by value of the total principal
amount of debt outstanding of TWUL and Thames Water Utilities
Finance plc have entered into the TSA.
Creditors are encouraged to accede
to the TSA by the record date for the Plan to access a non-cash
consent fee of 0.50% (capitalised in its respective position in the
waterfall). Creditors should contact the Lock-Up Agent (as defined
in the TSA) at thameswater@is.kroll.com
with questions on how to accede to the
TSA.
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
