Thames Water Utilities Limited Liquidity Extension Update

RNS Number : 4814Q

Thames Water Utilities Limited

17 December 2024

 

Thames Water Utilities Limited

17 December 2024

Liquidity Extension Update - Notice of Plan Meetings

Thames Water Utilities Limited ("TWUL") announces that the 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") occurred on 17 December 2024.

On 17 December 2024, the High Court of Justice of England and Wales (the "Court") has directed that plan meetings (the "Plan Meetings") of the Plan Company and the creditors specified therein (the "Plan Creditors") shall be convened on or about 21 January 2025 for the purpose of considering and, if thought fit, approving the Plan.

The Plan Meetings will be held at the offices of Linklaters LLP, One Silk Street, London EC2Y 8HQ, United Kingdom and via video conference on or about 21 January 2025.

The Plan Company shall promptly 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 outlines 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 Explanatory Statement 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 regarding accessing the Explanatory Statement.

CREDITORS ARE ENCOURAGED TO REVIEW THE EXPLANATORY STATEMENT (A COPY OF WHICH IS AVAILABLE AT HTTPS://DEALS.IS.KROLL.COM/THAMESWATER) AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE 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 17 December 2024, over 75% by value of the Class A Debt (Make-Whole) Providers, the Class A Debt (Non-Make-Whole) Providers, the Interest Rate and Index Hedging 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

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