Thames Water yesterday launched the process to gain access to further funding under the Facility it first entered into in 2025 with its subsidiary, Thames Water Super Senior Issuer plc. when an initial £1.5 billion was made available under the Facility. On Wednesday the water company published its latest annual results for the year to 31 March 2026 showing a return to profit and sufficient funding secured through to Q4 2026.
Thames Water and its Super Senior Issuer subsidiary also have the ability to raise a further £1.5 billion under the Facility, in two tranches each of £750 million (the Accordion), subject to satisfaction and/waiver of certain conditions.
As previously announced, Thames and the Super Senior Issuer have since secured commitments of a further £823 million - the first £750 million tranche of the Accordion plus a shortfall amount of c. £73 million. This brings the total amount of commitments secured under the Facility to £2.323 billion (of which £2.25 billion is funded and c.£73 million is committed but deferred.
Following consultation with its creditors, Thames announced yesterday that the Super Senior Issuer is launching the process to allocate the second tranche of the Accordion. The amount of the second tranche of the Accordion to be allocated will total c.£677 million.
Upon successful completion of the Accordion Allocation Process, the total amount of commitments secured under the Facility is expected to be £3 billion.
The launch of the Accordion Allocation Process is the start of an administrative process to allocate the Accordion Amount only. Funding of the Accordion Amount remains subject to the satisfaction and/or waiver of relevant conditions, some of which have still not yet been satisfied and/or waived in full and remain out of the Super Senior Issuer's control, including having a Supported Lock Up Agreement in respect of the 2nd Restructuring Plan (RP2).
Creditors who want to participate in the Accordion Allocation Process are encouraged to review and complete a funding letter which contains further details as to
- creditors' entitlements to participate in the Accordion Allocation Process;
- how creditors can elect to participate in the Accordion Allocation Process; and
- how Accordion commitments will be allocated by the Super Senior Issuer.
The Accordion Allocation Process has an election deadline of 5:00 p.m. (UK time) on 30 July 2026 by which time creditors must have submitted a completed Accordion Funding Letter and provided all required information, confirmations and documents.
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