Thames Water Utilities
Limited
27 December 2024
Liquidity Extension Update -
Supplemental Relevant Alternative Report
Thames Water Utilities Limited
("TWUL") previously
announced that, in connection with 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"), the
independent expert report of Matt Cowlishaw of Teneo Financial
Advisory Limited in relation to the likely outcome for creditors
affected by the Plan ("Plan
Creditors") under the Plan and in the Relevant Alternative
(the "Relevant Alternative
Report") had been made available via the Plan Website
at https://deals.is.kroll.com/thameswater
and would be appended to an explanatory statement in connection
with the Plan (which would also be made available via the Plan
Website)[1].
TWUL announces that a supplemental
expert witness report of Matt Cowlishaw of Teneo Financial Advisory
Limited in relation to the likely outcome for Plan Creditors under
the Plan and in the Relevant Alternative (the "Supplemental Relevant Alternative
Report") has been made available to
the Plan Creditors, prospective buyers, transferees, and
sub-participants of that debt (or similarly interested
parties) via the Plan Website at
https://deals.is.kroll.com/thameswater.
The current drafts of the documents for the
implementation of the Liquidity Extension Transaction are also
available via the Plan Website.
The Supplemental Relevant
Alternative Report has been prepared to update the conclusions of
the Relevant Alternative Report as a result
of the amendment of the treatment of
certain hedging agreements in connection with the Liquidity
Extension Transaction (as more fully set out in the 13 December
2024 announcement[2]) becoming effective in
accordance with its terms (as announced on 17 December
2024[3]).
Creditors should contact the
Information Agent at thameswater@is.kroll.com
with any questions regarding accessing the
Supplemental Relevant Alternative Report.
CREDITORS ARE ENCOURAGED TO REVIEW THE SUPPLEMENTAL RELEVANT
ALTERNATIVE REPORT (A COPY OF WHICH ARE AVAILABLE
AT HTTPS://DEALS.IS.KROLL.COM/THAMESWATER)
AND SEEK THEIR OWN LEGAL AND FINANCIAL ADVICE SHOULD THEY HAVE ANY
QUERIES IN RELATION TO THEIR 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 27 December 2024, over 75% by value of each of the Class A Debt
(Make-Whole) Providers, the Class A Debt (Non-Make-Whole)
Providers, the Interest Rate and Index Hedging Providers, the
Liquidity Facility Providers and the Currency Hedging Providers
have acceded to the TSA.
The current drafts of the documents
for the implementation of the Liquidity Extension Transaction are
available via the Plan Website at https://deals.is.kroll.com/thameswater.
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