Thames Water Utilities Limited (TWUL) has commenced a process to allocate approximately £823 million in super senior funding through its subsidiary, Thames Water Super Senior Issuer plc.
The total amount, referred to as the "Accordion Amount," consists of a £750 million first tranche from an accordion facility, combined with approximately £73 million in deferred commitments and commitments from defaulting creditors.
To date, TWUL has utilized £1.426 billion of an initial £1.5 billion liquidity facility established in 2025. Under the existing agreement, the company maintains the option to raise an additional £1.5 billion, structured in two tranches of £750 million each.
The company noted that the funding is subject to several conditions precedent that have not yet been fully met or waived. These requirements include the establishment of a supported lock-up agreement (LUA) regarding a second restructuring plan (RP2).
In its statement, TWUL said it "continues to work closely with stakeholders to secure a market-led solution" following discussions with its creditors.
The administrative process is being managed by Kroll Issuer Services Limited. Creditors intending to participate must submit completed funding letters by 5:00 p.m. UK time on February 26, 2026. The company clarified that eligible participants may receive a zero allocation if the available funds are fully claimed by creditors with prior allocation rights under the Super Senior Issuer Intercreditor Agreement.
