Thames Water Utilities
Limited
13 November 2024
Liquidity Extension
Update
Thames Water Utilities Limited
("TWUL") launched a consent
process for a transaction support agreement ("TSA") in connection with a liquidity
extension transaction (as set out in a term sheet appended to the
TSA) ("Liquidity Extension
Transaction"), a related
backstop agreement in relation to an initial tranche of super
senior funding (the "Backstop
Agreement") and related STID Proposals on 25 October
2024.
The deadline to accede to the TSA to
access the non-cash early-bird fee of 0.75%[1] and to accede to the Backstop
Agreement[2] was 11 November 2024. As at the
time of this announcement, creditors certifying that they represent
in excess of 75% of Class A Debt have entered into the TSA. This is
an important milestone in implementing the Liquidity Extension
Transaction. A process is ongoing to facilitate further creditor
accessions to the TSA.
As part of the TSA, these creditors
have also agreed to support the STID Proposals and early voting
suggests that the requisite consent levels will be achieved at the
first bondholder meeting, to be held on 18 November 2024. TWUL
expects to announce the outcome of the STID Proposals shortly
thereafter.
As set out in TWUL's 25 October 2024
announcement, the current expected
timetable for the implementation of the Restructuring Plan
is:
·
Convening Hearing: 17 December 2024
·
Creditor Meeting: week commencing 13 January
2025
·
Sanctions Hearing: 20 January 2025
·
Effective Date: 31 January 2025
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
Information contained in this
announcement would have been deemed inside information for the
purposes of Article 7 of Regulation (EU) No 596/2014 as amended and
as it forms part of United Kingdom domestic law ("UK MAR") until
the release of this announcement. For the purpose of UK MAR and
Article 2 of Commission Implementing Regulating (EU) 2016/1055 as
it forms part of United Kingdom domestic law, this announcement is
made by Chris Weston (Director) at Thames Water Utilities
Limited.
LEI: 213800JKM5UQHFJOTZ25