Thames Water has today announced it has drawn down the remaining available sum of the first £1.5 billion tranche of emergency funding under the restructuring plan proposed by the company in connection with implementing the liquidity extension transaction sanctioned by the High Court on 18 February 2025.
On 13 June 2025, Charlie Maynard MP had sought permission of the Supreme Court to appeal the Court of Appeal decision on 15 April 2025 to sanction the plan. However, the Supreme Court refused permission to appeal on 30 July 2025, thereby concluding any further appeal process.
As at 30 June 2025, Thames Water Utilities Limited had available cash and cash equivalents of £424 million and, as at 13 August 2025, it had drawn £872 million from the first tranche of the £1.5 billion super senior facility.
As at 14 August 2025, the company has now drawn the remaining available amount of the first £1.5 billion tranche. As such, the Transaction Effective Date under the plan occurred on 14 August 2025 and represents the completion of the implementation of the Liquidity Extension Transaction.
The company now intends to draw funding in tranches to meet the company's forecast liquidity needs until at least mid-December 2025, provided that the conditions precedent to further drawings from the first £1.5 billion tranche of the super senior facility are met or continue to be waived.
The second tranche of the £1.5 billion super senior facility is expected, if and when it becomes available, to provide liquidity until at least September 2026. This is provided that the conditions precedent to commitment and further drawings are met or waived which, in particular, requires the entry into a supported lock-up agreement in respect of what is desctibed as “a holistic recapitalisation transaction.”
The company says it continues to work closely with stakeholders to secure a market-led recapitalisation which delivers for customers and the environment as soon as practicable.
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