Thames Wat.u 35 Regulatory News (AW14)

Thames Water Utilities Limited

31 March 2025

Equity Raise Update

Thames Water Utilities Limited ("TWUL" or the "Company") provides a further update on its equity raise process.

The Company is pleased to announce that, following a detailed assessment of proposals received, it has taken a further step in its plan to deliver a sustainable recapitalisation by selecting KKR to enter the Phase 2 diligence stage of the equity process as preferred partner. 

The Company remains focused on putting Thames Water on a more stable financial foundation, implementing its turnaround plan and delivering a market led solution that is in the best interests of customers, UK taxpayers and the wider economy. Agreed transaction terms are targeted for the second quarter of 2025 with a view to completing a recapitalisation in the second half of 2025.

KKR's proposal includes financial metrics which indicate a material impairment of the Class A debt and discussions continue in relation to other aspects of the proposal.

There is no certainty that a binding equity proposal will be forthcoming as it remains subject to diligence, documentation and regulatory and other approvals. As a result, certain senior creditors continue to progress in parallel alternative transaction structures to seek to recapitalise the business.

For further information

Investor enquiries

Edwin Lloyd - Head of Investor Relations debt.investorrelations@thameswater.co.uk

Media enquiries

Suvra Jans - Head of Media Relations 07747 640810 Suvra.jans@thameswater.co.uk  

Alex Simmons 07970 174353 alex.simmons@Edelmansmithfield.com

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.

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