Thames Water has announced the results of the vote which took place on 31 March - the STID proposals were approved with over 95% of the outstanding principal amount of the qualifying Class A Debt voting in favour.
Thames Water set out its STID Proposals and Consent Requests on 17 March, followed by the launch of the proposal for the implementation of the turnover arrangements to the company’s creditors on 18 March 2025.
The Consent Requests have also been approved with over 86% of Super Senior Issuer Secured Credit Participations actively voting in favour, and a total consent rate of over 96% (including deemed consent). Consent is deemed to be given where one or more holders holding at least 75 per cent in aggregate vote for the same outcome on a voting matter - such votes will be binding on the holders of 100 per cent.
Thames Water said in a statement:
“Given the approvals described above, TWUL will now commence the drawing process for the first tranche of funding, with funding being provided in the first few weeks of April.”
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