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UTILITIES: Thames Water (THAMES Ba2[N]): Liquidity Injection

UTILITIES
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  • The Times reported over the weekend that lenders are looking at injecting £1bn in super senior funding. The cash would buy more time to prepare the restructuring plan while potentially strengthening the lender’s say in the restructuring.
  • This should give the company some runway to get past the final determination from Ofwat, when potential equity investors will have clarity on allowed returns.
  • On Friday, Thames Water announced it was in talks on releasing cash reserves which requires creditor consent. Of £1.57bn of liquidity on 31st August, only £770mn is unrestricted which would run out at the end of December.
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  • The Times reported over the weekend that lenders are looking at injecting £1bn in super senior funding. The cash would buy more time to prepare the restructuring plan while potentially strengthening the lender’s say in the restructuring.
  • This should give the company some runway to get past the final determination from Ofwat, when potential equity investors will have clarity on allowed returns.
  • On Friday, Thames Water announced it was in talks on releasing cash reserves which requires creditor consent. Of £1.57bn of liquidity on 31st August, only £770mn is unrestricted which would run out at the end of December.