The struggling utility said it has secured consent from its creditors to raise the maximum available under its emergency funding facility to £5.4 billion through a new lender, Thames Water Super Senior Upsize Issuer Plc
International News via Reuters:
Thames Water Utilities said on Monday it has launched a process to allocate an initial £600 million ($802.7 million) tranche of an enlarged super senior facility to extend its liquidity into autumn 2027.
The struggling utility said it has secured consent from its creditors to raise the maximum available under its emergency funding facility to £5.4 billion through a new lender, Thames Water Super Senior Upsize Issuer Plc.
The upsized funding, along with a proposed maturity extension for near-term debt, would allow the largest water company in Britain to continue its capital investment programme, Thames Water said.
Thames Water, which is saddled with about £20 billion in debt, is seeking to overhaul its balance sheet and avert temporary government control through a broader recapitalisation, following years of underinvestment and mounting fines.
The company said that funding of the new commitments was subject to conditions that had not yet all been satisfied, including a supported lock-up agreement for a second restructuring plan.
($1 = 0.7475 pounds)
Reporting by Raechel Thankam Job in Bengaluru; Editing by Shinjini Ganguli
