Thames Water Utilities Ltd and its subsidiary, Thames Water Super Senior Issuer plc have launched the process to allocate a further £823 million under its £1.5 billion Accordion facility.
Thames has so far drawn £1.426 billion of the initial £1.5 billion available under the super senior liquidity facility it entered into with the Super Senior Issuer in 2025.
In addition, TWUL and the Super Senior Issuer have the ability to raise a further £1.5 billion in two tranches of £750 million, subject to certain conditions, including, amongst other things, that a supported lock-up agreement (LUA) is in place in respect of a second restructuring plan.
Following consultation with its creditors, the Super Senior Issuer has launched the process to allocate c.£823m (the Accordion Amount) comprising:
i..) commitments to the first £750m tranche of the Accordion; and
ii.) Deferred Commitments and commitments which belong to Defaulting SSIS Creditors totalling c. £73m
The launch 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 a number of relevant conditions precedent, some of which, as at today, have not yet been satisfied and/or waived in full and remain out of the Super Senior Issuer’s control, including having a Supported LUA in respect a second restructuring plan.
Creditors who wish to participate in the Accordion Allocation Process are encouraged to review and complete the funding letter available (together with other documents related to the Accordion Allocation Process) from Kroll Issuer Services Ltd at https://deals.is.kroll.com/thameswater-accordion.
The Accordion Funding Letter contains further details about;
(i) creditors’ entitlements to participate in the Accordion Allocation Process;
(ii) how creditors can elect to participate in the Accordion Allocation Process; and
(iii) 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 26 February 2026 by which time creditors must have submitted a completed Accordion Funding Letter and provided all required information, confirmations and documents in order to participate in the Accordion Allocation Process.
Creditors should contact the Information Agent at This e-mail address is being protected from spambots. You need JavaScript enabled to view it with questions on how to complete and submit the Accordion Funding Letter.
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