Thames Water Utilities Limited Liquidity Extension Update

RNS Number : 4120Q

Thames Water Utilities Limited

17 December 2024

 

Thames Water Utilities Limited

17 December 2024

Liquidity Extension Update - Valuation Report and Relevant Alternative Report

Thames Water Utilities Limited ("TWUL") previously announced that a convening hearing in relation to the restructuring plan proposed by Thames Water Utilities Holdings Limited (the "Plan Company") pursuant to Part 26A of the Companies Act 2006 (the "Plan") in connection with implementing the liquidity extension transaction (the "Liquidity Extension Transaction") will take place today at 10.30am (the "Convening Hearing").

The Convening Hearing is for an order granting the Plan Company certain directions in relation to the Plan, including permission to convene a number of meetings of creditors of the Plan Company affected by the Plan (the "Plan Creditors") for the purposes of considering, and, if thought fit, approving the Plan.

Following the Convening Hearing the Plan Company will make available to the Plan Creditors, prospective buyers, transferees, and sub-participants of that debt (or similarly interested parties) an explanatory statement in connection with the Plan (the "Explanatory Statement") via the Plan Website at https://deals.is.kroll.com/thameswater. The Explanatory Statement will outline the Plan Company's proposed restructuring plan, its proposed effects and next steps for Plan Creditors, including in relation to voting at the Plan meetings and other key steps required to implement the Liquidity Extension Transaction.

The Plan Company has instructed Eraj Weerasinghe of Kroll, LLC and Matt Cowlishaw of Teneo Financial Advisory Limited to prepare independent expert reports to respectively: (i) value the business of the Thames Water Group in various scenarios (the "Valuation Report"); and (ii) on the basis of those values, consider the likely outcome for Plan Creditors under the Plan and in the Relevant Alternative (the "Relevant Alternative Report"). The Valuation Report and Relevant Alternative Report have been made available via the Plan Website at https://deals.is.kroll.com/thameswater and will be appended to the Explanatory Statement.

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

CREDITORS ARE ENCOURAGED TO REVIEW THE VALUATION REPORT AND RELEVANT ALTERNATIVE REPORT (COPIES OF WHICH ARE AVAILABLE AT HTTPS://DEALS.IS.KROLL.COM/THAMESWATER) AND, WHEN AVAILABLE, THE EXPLANATORY STATEMENT  AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE SHOULD THEY HAVE ANY QUERIES IN RELATION TO THEIR 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 16 December 2024, over 75% by value of the Class A Debt (Make-Whole) Providers, the Class A Debt (Non-Make-Whole) Providers and the Currency Hedging Providers have acceded to the TSA.

Creditors are encouraged to accede to the TSA by the record date for the Plan to access a non-cash consent fee (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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

UPDGCBDDBUBDGSR