The water company entered into the facility with its subsidiary, Thames Water Super Senior Issuer PLC.

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, as yet the June Release Condition has not been met.

Fifth Consent Requests

Yesterday Thames and the Super Senior Issuer launched a fifth set of consent requests (the "Fifth Consent Requests") seeking the consent of the super senior creditors:

to extend the June Release Condition to 28 November 2025; and

to make further amendments to the Facility, which (among other things) amend the dates and amounts of scheduled drawdowns under the Facility by TWUL to reflect previous consent requests and TWUL’s anticipated liquidity needs.

The consents, if granted, will allow Thames Water to draw a further £321 million which will be drawn in November 2025. The Fifth Consent Requests have a voting date of 24 November 2025 and follow four previous sets of consent requests which were approved by creditors in April, May, July and September 2025.

Voting may close earlier if the requisite majority of super senior creditors vote in favour of the Fifth Consent Requests before the voting date.

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. This further facility will only become available on the basis that all conditions precedent to the commitment of the Accordion Facility and further drawings under it are either satisfied or waived. In particular, these conditions precedent require Thames Water to have entered into a supported lock-up agreement in respect of a second restructuring plan.

Thames Water said it continues to work closely with stakeholders to secure a market led solution.

Creditors can contact Thames Water to receive details of existing creditor groups and their advisors.