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
