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13 Nov 2024 07:00
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
[1] Creditor who accede to the TSA by the record date for the Restructuring Plan can access a non-cash consent fee of 0.50%.
[2] Other Class A and Class B Debt providers will be offered the ability to participate in the super senior funding pro- rata to their debt holdings through voting on the Restructuring Plan in accordance with its terms.
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