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 thameswater@is.kroll.com
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 thameswater@is.kroll.com
with questions on how to accede to the
TSA.
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