Thames Water Utilities Limited Process Update
20 September 2024 - 8:02AM
RNS Regulatory News
RNS Number : 0242F
Thames Water Utilities Limited
20 September 2024
Thames Water Utilities
Limited
20 September 2024
Process Update
We previously announced that
following the Price Review 2024 ("PR24") draft determination and
our response to Ofwat, we would be engaging with potential
investors and creditors to seek new equity and to extend our
liquidity runway.
We submitted our response to Ofwat's
draft determination for 2025 to 2030 on 28 August 2024. We plan to
launch our formal equity solicitation process in the coming
weeks. Any equity process is not expected
to conclude until after the Final Determination, originally due in
December 2024, which Ofwat are consulting on moving to January
2025. We will have the option to request an appeal of the Final
Determination to the CMA.
We have been engaging with financial
stakeholder groups and their advisors since July 2024 and are
assisting with information requests to enable financial stakeholder
groups to better understand Thames Water's business plan and future
funding needs.
As at 31 August 2024, we had £1.57
billion of liquidity consisting of £1.15 billion of cash and cash
equivalents (£0.38 billion of which is currently required to be
placed in reserves under our financing) and £0.42 billion of Class
A and Class B undrawn committed facilities. A further £0.55 billion
of undrawn reserve liquidity facilities are available to support
Thames Water should we enter standstill under our financing. The
combination of these resources provides a liquidity runway to May
2025.
As contingency planning, we have
entered into discussions with our financial stakeholders to release
cash reserves under our financing. This would require majority
creditor consent. If consent were not forthcoming and should it not
be possible to draw the Class A and/or Class B facilities,
available cash and cash equivalents would expire at the end of
December 2024, whereupon we would enter standstill under our
financing and the £0.55 billion undrawn reserve liquidity
facilities and £0.38 billion of cash reserves would become
available.
We, together with our financial
stakeholders, are considering options for the extension of our
liquidity runway to enable time to complete a recapitalisation
transaction. In parallel, we continue to undertake contingency
planning as a matter of good corporate practice.
For further information
Investor enquiries
Frederick Maroudas - Director of
Corporate Finance
debt.investorrelations@thameswater.co.uk
Media enquiries
Simon Haynes - Media Relations
Manager
07747644910
simon.haynes@thameswater.co.uk
Matt Young - Apella Advisors
07802 332292
my@apellaadvisors.com
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