Thames Water Utilities Limited Liquidity Extension Update

RNS Number : 3570N

Thames Water Utilities Limited

22 November 2024

 

Thames Water Utilities Limited

22 November 2024

Liquidity Extension Update - Practice Statement Letter

Thames Water Utilities Limited ("TWUL") announces that Thames Water Utilities Holdings Limited (the "Plan Company") has executed and published a practice statement letter dated 22 November 2024 (the "Practice Statement Letter") in connection with implementing the Liquidity Extension Transaction (as defined below) via a restructuring plan under Part 26A of the UK Companies Act 2006 (the "Plan").  

The Practice Statement Letter is addressed to the Plan Creditors (as defined in the Practice Statement Letter). Creditors are encouraged to read the Practice Statement Letter, which is available online through the website https://deals.is.kroll.com/thameswater set up by Kroll Issuer Services Limited as Information Agent in connection with the Plan. Creditors will need to contact the Information Agent at [e-mail] to receive a password to access the website and view the Practice Statement Letter. The Practice Statement Letter outlines the Plan Company's proposed restructuring plan, its proposed effects and next steps for creditors.

The Practice Statement Letter is also available for inspection at the offices of Kroll Issuer Services Limited, at The Shard, 32 London Bridge Street, London, SE1 9SG, United Kingdom.

Creditors should contact the Information Agent at [e-mail] with any questions on accessing the Practice Statement Letter.

CREDITORS ARE ENCOURAGED TO REVIEW THE PRACTICE STATEMENT LETTER (A COPY OF WHICH IS AVAILABLE AT HTTPS://DEALS.IS.KROLL.COM/THAMESWATER) AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE[1] SHOULD THEY HAVE ANY QUERIES IN RELATION TO ITS CONTENTS

Background

TWUL announced the launch of a liquidity extension transaction ("Liquidity Extension Transaction") and a transaction support agreement ("TSA") on 25 October 2024.

As at 21 November 2024, creditors representing approximately 76% by value of the total principal amount of debt outstanding of TWUL and Thames Water Utilities Finance plc have entered into the TSA.

Creditors are encouraged to accede to the TSA by the record date for the Plan to access a non-cash consent fee of 0.50% (capitalised in its respective position in the waterfall). Creditors should contact the Lock-Up Agent (as defined in the TSA) at [e-mail] with questions on how to accede to the TSA.

For further information

Investor enquiries

Frederick Maroudas - Director of Corporate Finance
[e-mail]

Media enquiries

Suvra Jans - Head of Media Relations
[e-mail]
M: 07747 640 810

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[1]    Creditors can contact TWUL to receive details of existing creditor groups and their advisors.

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