Thames Water Utilities Limited (TWUL) has entered a new phase of negotiations with its super-senior creditors as the company works to secure liquidity while progressing its second restructuring plan (RP2). On 10 November 2025, TWUL and its financing subsidiary, Thames Water Super Senior Issuer PLC, announced the launch of a fifth set of consent requests relating to their £1.5 billion super-senior liquidity facility.
The utility has already drawn £872 million of the initial £1.5 billion available under the Facility. Drawdowns remain subject to conditions precedent, including the “June Release Condition”, which was last amended in July and requires TWUL to have entered into a supported lock-up agreement for RP2.
Through the Fifth Consent Requests, TWUL is now seeking approval from super-senior creditors “to extend the June Release Condition to 28 November 2025; and to make further amendments to the Facility, which (among other things) amend the dates and amounts of scheduled drawdowns under the Facility by TWUL to reflect previous consent requests and TWUL’s anticipated liquidity needs.”
If approved, the consents will allow TWUL to access a further £321 million in November 2025. Voting is scheduled to close on 24 November, although it may conclude earlier if the required majority is achieved. This latest process follows four previous sets of requests approved earlier in 2025.
The company emphasised that “Whilst the June Release Condition remains unsatisfied, any further drawdowns of the remaining balance of the £1.5bn Facility by TWUL will be subject to further consents and conditions having first been obtained or satisfied.” Subject to meeting or extending this condition, TWUL expects further drawdowns in the first quarter of 2026.
TWUL also noted that it does not intend to access the additional £1.5 billion Accordion Facility until the initial Facility is fully drawn. The accordion, if made available, is expected to provide liquidity until at least the third quarter of 2026.
In its announcement, the company reiterated that it “continues to work closely with stakeholders to secure a market led solution.”
