Thames Water has launched the 13th Consent Requests – the process which will enable it to gain access to further multi-million pound funding.
Yesterday Thames Water and its subsidiary, Thames Water Super Senior Issuer plc launched parallel consent and waiver requests to enable the further drawdown of funds under the Facility it first entered into in 2025 when an initial £1.5 billion was made available under the Facility. The 13th set of Consent Requests and STID Proposal both related to the continued availability of the super senior issuer funding.
Thames Water and its Super Senior Issuer subsidiary also have the ability to raise a further £1.5 billion under the Facility, in two tranches each of £750 million (the Accordion), subject to satisfaction and/waiver of certain conditions.
As previously announced, Thames Water and the Super Senior Issuer have since secured commitments of a further £823 million - the first £750 million tranche of the Accordion plus a shortfall amount of c. £73 million, bringing the total amount of commitments secured under the Facility to £2.323 billion (of which £2.25 billion is funded and c.£73 million is committed but deferred).
On 16 July 2026, the water company launched a process to allocate the remaining c.£667 million of the Accordion. Thames and the Super Senior Issuer have now secured commitments of c.£667 million - the remainder of the second £750 million tranche of the Accordion - bringing the total amount of commitments secured under the Facility to £3 billion.
As previously announced, funding remains subject to the satisfaction and/or waiver of relevant conditions precedent (the Accordion Conditions), some of which have not yet been satisfied and/or waived in full and remain out of the Super Senior Issuer's control, including having a Supported Lock Up Agreement in place in respect of the 2ndRestructuring Plan (RP2).
TWUL continues to work closely with stakeholders to secure a market-led solution.
13th Consent Requests and STID Proposal
The parallel consent and waiver requests include:
- to waive the Accordion Conditions and thereby permit the Super Senior Issuer to draw £400 million of the New Commitments;
- to extend the June Release Condition under the Facility to 30 September 2026 and permit the drawdown of £230 million in September 2026 to Thames Water
The 13th Consent Requests and STID Proposal have a voting date of 8 September 2026 and follow 12 previous sets of consent requests which were approved by creditors. Voting may close earlier if the requisite majority of creditors vote in favour of the 13th Consent Requests and STID Proposal before the voting date.
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