On 10 November 2025,Thames Water announced announced the launch of its fifth Consent Requests for Super Senior Issuer Funding from the initial £1.5 billion available under its super senior liquidity facility – to date it has so far drawn £872 million of the facility. The water company entered into the facility with its subsidiary, Thames Water Super Senior Issuer PLC.

The consents will allow Thames Water to draw a further £321 million in November 2025.

The Facility includes conditions precedent to drawdowns, including the so-called June Release Condition, which (as amended on 15 July 2025) requires Thames Water to have entered into a supported lock-up agreement by 31 July 2025 in respect of a second restructuring plan. However, the June Release Condition was not met.

The fifth Consent Requests launched by Thames and the Super Senior Issuer sought the consent of the super senior creditors:

Whilst the June Release Condition remains unsatisfied, any further drawdowns of the remaining balance of the £1.5 billion facility by the water company will be subject to further consents and conditions having first been obtained or satisfied. Subject to the satisfaction or further extension of the June Release Condition, Thames expects to make further drawdowns of the facility in the first quarter of 2026.

It is not intended that the utility will access the further £1.5 billion Accordion Facility under the super senior liquidity facility until, amongst other things, the initial £1.5 billion facility has been drawn in full.

The Accordion Facility is expected, if and when it becomes available to Thames, to provide liquidity until at least the third quarter of 2026.

Given the approvals, Thames and the Super Senior Issuer will proceed with the implementation of the consents and amendments outlined in the Fifth Consent Requests.