Thames Water Utilities Limited
15 August 2025
Liquidity Extension Update - Transaction Effective Date
We refer to the restructuring plan proposed by Thames Water Utilities Holdings Limited (the "Plan Company") pursuant to Part 26A of the Companies Act 2006 ("RP1") in connection with implementing the liquidity extension transaction (the "Liquidity Extension Transaction") which was sanctioned by the High Court on 18 February 2025.
On 13 June 2025, Mr Charlie Maynard MP sought permission of the Supreme Court to appeal the Court of Appeal decision on 15 April 2025 to sanction RP1. The Supreme Court refused such permission to appeal on 30 July 2025, thereby concluding any further appeal process in respect of RP1.
As at 30 June 2025, Thames Water Utilities Limited ("TWUL" or the "Company") had available cash and cash equivalents of £424 million and, as at 13 August 2025, it had drawn £872 million from the first tranche of the £1.5 billion super senior facility.
As at 14 August 2025, Thames Water Super Senior Issuer PLC (the "Super Senior Issuer") has drawn the remaining available amount [1] of the first £1.5 billion tranche of the super senior facility. As such, the Transaction Effective Date under the Plan has occurred on 14 August 2025 and represents the completion of the implementation of the Liquidity Extension Transaction.
The Company intends to draw funding in tranches from the Super Senior Issuer to meet the Company's forecast liquidity needs until at least mid-December 2025, provided that the conditions precedent to further drawings from the first £1.5 billion tranche of the super senior facility are met or continue to be waived (including the Extended June Release Condition).
The second tranche of the £1.5 billion super senior facility is expected, if and when it becomes available, to provide liquidity until at least September 2026, provided that the conditions precedent to commitment and further drawings are met or waived which, in particular, requires the entry into a supported lock-up agreement in respect of a holistic recapitalisation transaction.
The Company continues to work closely with stakeholders to secure a market-led recapitalisation which delivers for customers and the environment as soon as practicable.
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
Alex Simmons
thameswater@edelmansmithfield.com
M: 07970 174 353
[1] Approximately £1.427 billion under the super senior facility, being the entirety of the first tranche of £1.5 billion less c.£73 million of commitments allocated to creditors who elected not to fund the Super Senior Issuer during the appeal period and whose commitments have been deferred.
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