Thames Water Utilities Limited

Capital/Financing Update • Dec 17, 2024

National Storage Mechanism | Additional information

RNS Number : 4475Q

Thames Water Utilities Limited

17 December 2024

Thames Water Utilities Limited

17 December 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. Thames Water Utilities Holdings Limited ("TWUHL") issued a practice statement letter on 22 November 2024 (the "PSL") which provided creditors with notice of a convening hearing in connection with implementing the Liquidity Extension Transaction via a restructuring plan under Part 26A of the UK Companies Act 2006 (the "Company RP").

TWUL confirms that the proposed amendment to the TSA announced on 13 December 2024 in relation to the treatment of certain hedging agreements (as more fully set out in the 13 December 2024 announcement[1]) has been approved and is now effective in accordance with its terms.

At the time of this announcement, creditors representing over 75% of the Class A Debt (Make-Whole) Providers, the Class A Debt (Non-Make-Whole) Providers, the Currency Hedging Providers and the Interest Rate and the Index Hedging Providers have acceded to the TSA.

For further information

Investor enquiries

Frederick Maroudas - Director of Corporate Finance

[email protected]

Media enquiries

Suvra Jans - Head of Media Relations

[email protected]

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

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[1]     https://www.londonstockexchange.com/news-article/AW14/liquidity-extension-update/16811960  

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