Thames Water has today named KKR as its preferred partner for the next stage in its equity raise process.
The company said that following a detailed assessment of proposals received, it has taken a further step in its plan to deliver a sustainable recapitalisation by selecting KKR to enter the Phase 2 diligence stage of the equity process as preferred partner.
In its latest update on the equity raise process, Thames Water said:
“The company remains focused on putting Thames Water on a more stable financial foundation, implementing its turnaround plan and delivering a market led solution that is in the best interests of customers, UK taxpayers and the wider economy.”
Agreed transaction terms are targeted for the second quarter of 2025 with a view to completing a recapitalisation in the second half of 2025.
KKR's proposal includes financial metrics which indicate a material impairment of the Class A debt and discussions continue in relation to other aspects of the proposal.
However, Thames cautions that there is no certainty that a binding equity proposal will be forthcoming as it remains subject to diligence, documentation and regulatory and other approvals.
“As a result, certain senior creditors continue to progress in parallel alternative transaction structures to seek to recapitalise the business”, the company added.
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