Thames Water has announced the launch today of a ninth set of consent requests relating to the continued availability of the Super Senior Issuer funding - if granted, the consents will allow the company to draw a further £205 million of the Facility in April 2026.
Thames Water Utilities Ltd (TWUL) has so far drawn £1.631 billion of the £2.25 billion available under the super senior facility entered into with its subsidiary, Thames Water Super Senior Issuer PLC.
On 7th January 2026 Thames Water announced that the seventh set of consent requests launched on 19 December 2025 had been approved by its creditors – including the drawdown in January 2026 of the remaining £233.5 million undeferred portion of its initial £1.5 billion facility.
On 12th February TWUL launched a process to allocate £823 million of the additional £1.5 billion Accordion facility.
On 2nd March, Thames Water issued the Eighth Consent Requests and STID Proposal to secure further funding and drawdown £205 million in March 2026.
On 17th March Thames Water announced the results of the Eighth Consent Requests and STID Proposal – the creditors’ approval meant the water company was then able to secure the further funding.
As previously announced, TWUL and the Super Senior Issuer have secured commitments of £823 million made up of the first £750 million tranche of the Accordion plus a shortfall amount of c. £73 million (equal to the undrawn amount under the first tranche of £1.5 billion), bringing the total amount which is available and undeferred under the facility to £2.25 billion.
Funding of the new commitments remains subject to the satisfaction and/or waiver of the Accordion conditions, some of which, as at today, have not yet been satisfied and/or waived in full, including having a Supported LUA by 31 March 2026 in respect of RP2 - the June Release Condition.
The ninth set of consent requests launched today are seeking the consent of the super senior creditors:
- to extend the June Release Condition to 30 April 2026; and
- to make further ancillary amendments to the Facility which (among other things) amend the dates and amounts of scheduled drawdowns under the Facility by TWUL to reflect TWUL's anticipated liquidity needs.
The consents, if granted, will allow TWUL to draw a further £205 million of the Facility in April 2026. The Ninth Consent Requests have a voting date of 23 April 2026 and follow eight previous sets of consent requests which were approved by creditors.
Voting may close earlier if the requisite majority of super senior creditors vote in favour of the Ninth Consent Requests before the voting date.
Launching the Ninth Consent Requests, Thames Water said it continues to work closely with stakeholders to secure a market-led solution.
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