Friday, Thames Water Utilities Limited (TWUL) issued an update regarding its ongoing liquidity extension transaction. TWUL, along with Thames Water Utilities Holdings Limited (the Plan Company), has released a practice statement letter in relation to a restructuring plan under Part 26A of the UK Companies Act 2006. This document, dated November 22, 2024, is directed at the Plan Creditors and outlines the proposed restructuring plan, its effects, and the next steps for creditors.
Creditors are urged to review the practice statement letter, which can be accessed online through a website hosted by Kroll Issuer Services Limited, the Information Agent for the plan. To view the letter, creditors must obtain a password by contacting the Information Agent at the provided email address. The letter can also be inspected at Kroll Issuer Services Limited's office in London.
The restructuring initiative was first announced by TWUL on October 25, 2024, and since then, creditors representing about 76% of the total principal amount of debt have signed onto the transaction support agreement (TSA) as of November 21, 2024. Creditors who accede to the TSA by the record date for the Plan will be eligible for a non-cash consent fee of 0.50%, which will be capitalized in its respective position in the waterfall.
For any queries regarding how to accede to the TSA or to receive the practice statement letter, creditors should contact the Lock-Up Agent through the same email. Additionally, TWUL has made provisions for creditors to contact them for details about existing creditor groups and their advisors.
Investor and media relations contacts have been provided for further information, with Frederick Maroudas handling investor inquiries and Suvra Jans available for media questions.
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