Twelfth Consent Requests relating to Super Senior Issuer Funding
Background
Thames Water Utilities Limited ("TWUL") has so far drawn £2.037bn of the £2.25bn available under the super senior facility (the "Facility") entered into with its subsidiary, Thames Water Super Senior Issuer PLC (the "Super Senior Issuer").
As previously announced, TWUL and the Super Senior Issuer have secured commitments of £823m (being the first £750m tranche of the Accordion plus a shortfall amount of c. £73m[1]) (the "New Commitments"), bringing the total amount which is available and undeferred under the Facility to £2.25bn.
Funding of the New Commitments remains subject to the satisfaction and/or waiver of relevant conditions precedent, some of which, as at today, have not yet been satisfied and/or waived in full, including having a Supported LUA by 30 June 2026 in respect of RP2 (the “June Release Condition”).
TWUL continues to work closely with stakeholders to secure a market-led solution.
Twelfth Consent Requests
TWUL and the Super Senior Issuer have today launched a twelfth set of consent requests (the "Twelfth Consent Requests") seeking the consent of the super senior creditors:
- to extend the June Release Condition to 31 July 2026; and
- to make further ancillary amendments to the Facility (as set out in further detail in the Twelfth Consent Requests), which (among other things) amend the dates and amounts of scheduled drawdowns under the Facility by TWUL to reflect TWUL’s anticipated liquidity needs.
The consents, if granted, will allow TWUL to draw a further £213.49m of the Facility in July 2026. The Twelfth Consent Requests have a voting date of 13 July 2026 and follow eleven previous sets of consent requests which were approved by creditors. Voting may close earlier if the requisite majority of super senior creditors vote in favour of the Twelfth Consent Requests before the voting date.
Access to Documents
The Twelfth Consent Requests are 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 CONSENT REQUESTS IN DETAIL THEMSELVES (COPIES OF WHICH ARE AVAILABLE AT HTTPS://WWW.THAMESWATER.CO.UK/ABOUT-US/INVESTORS/LIQUIDITY-EXTENSION-UPDATE) AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE[2] SHOULD THEY HAVE ANY QUERIES IN RELATION TO THEIR CONTENTS.
- The shortfall amount is equal to the undrawn amount under the first tranche of £1.5bn, which arose as a result of commitments being deferred pursuant to the terms of the Second Consent Request: https://www.londonstockexchange.com/news-article/AW14/second-super-senior-funding-waiver-consent-request/17009385
- Creditors can contact TWUL to receive details of existing creditor groups and their advisors.