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Thames Water lenders present Ofwat with 'best and final' offer
(Sharecast News) - Lenders to embattled utility firm Thames Water have offered to pour £3.35bn of new equity and up to £6.55bn in fresh debt into the firm as part of an effort to lock in a rescue deal for the UK's largest water supplier. According to Sky News, the proposal was submitted by London & Valley Water, a consortium of senior lenders, including Elliott Management and Silver Point Capital, and comes with commitments from the firm's largest shareholders not to offload a significant proportion of their stakes during the regulatory cycle to 2030. It also prevents Thames Water from paying dividends until 2035.
Other details in the deal, which was said to be London & Valley Water's "best and final" pitch, include commitments to pay hundreds of millions in fines for pollution and sewage leaks, the establishment of a small community fund and to increase total spending over the next five years to roughly £20.5bn.
Thames Water has been in severe financial distress since June 2023, as it struggles with a £20bn debt pile, which could lead to temporary nationalisation and wipe out creditors if a long-term restructuring deal can not be reached.
Reporting by Iain Gilbert at Sharecast.com
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