Thames Water announced yesterday that the seventh set of consent requests launched on 19 December 2025 have 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.
The water company and its Super Senior Issuer launched the Seventh Consent Requests seeking the consent of the super senior creditors:
- to extend the June Release Condition to 23 January 2026 and permit the drawdown of the remaining £233.5 million undeferred portion of the facility in January 2026;
- to permit the Super Senior Issuer to secure commitments for the first tranche of the Accordion prior to the date on which all conditions precedent to such funding have been satisfied; and
- to make further ancillary amendments to the super senior funding documentation as set out in the Seventh Consent Requests, including providing flexibility on the drawdown dates under the facility and reflecting Thames Water’s current business plan .
Thames Water has so far drawn £1.193 billion of the initial £1.5 billion available under the super senior facility entered into with its subsidiary, Thames Water Super Senior Issuer PLC.
The facility conditions precedent to drawdowns include the June Release Condition (amended on 24 November 2025), which requires Thames Water to have entered into a supported lock-up agreement (LUA) by 28 November 2025 in respect of a second restructuring plan.
The water company and its Super Senior Issuer have the ability to raise a further £1.5 billion in two tranches of £750 million (the Accordion), subject to satisfaction of a number of conditions including that a Supported LUA is in place.
It is not intended that Thames will access the Accordion Facility until the initial £1.5 billion facility has been drawn in full. Access to the Accordion Facility is conditional upon, amongst other things, the satisfaction - or waiver - of the condition that Thames Water has entered into a supported LUA.
Following the approvals, Thames Water and the Super Senior Issuer will now proceed with the implementation of the consents and amendments outlined in the Seventh Consent Requests.
The water company said it continues to work closely with stakeholders to secure a market-led solution.
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